Key Developments: StealthGas Inc (GASS.O)
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Latest Key Developments (Source: Significant Developments)
StealthGas Inc Announces Closing Of Public Offering Of Common Stock
StealthGas Inc announced the closing of its previously announced public offering of 10,000,000 shares of common stock. In addition, the underwriters exercised their option to purchase an additional 1,500,000 shares of common stock in full, bringing the total number of shares sold in the offering to 11,500,000 shares. In each case, the shares were sold at a public offering price of $10.00 per share. The total gross proceeds from the offering before the underwriting discount and other offering expenses are $115,000,000. An entity controlled by the family of the Company's President and Chief Executive Officer has agreed to purchase 575,000 of the shares sold in the offering. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers. The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes. Wells Fargo Securities and Deutsche Bank Securities acted as joint book-running managers, and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners acted as co-managers for the offering, which was made under an effective shelf registration statement. Full Article
StealthGas Inc Announces Pricing of Public Offering of Common Stock
StealthGas Inc announced the pricing of its previously announced public offering of common stock. The Company increased the size of the offering from 8,000,000 shares to 10,000,000 shares. The shares will be sold at a price to the public of $10.00 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000. An entity controlled by the family of the Company's President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two new building LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two new building LPG carriers. The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes. Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners are acting as co-managers for this offering. The offering is expected to close on or about April 30, 2013. Full Article
StealthGas Inc Announces Public Offering of Common Stock
StealthGas Inc announced an underwritten public offering of 8,000,000 shares of its common stock pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission. An entity controlled by the family of the Company's President and Chief Executive Officer has indicated its intention to purchase approximately 5% of the shares offered in the offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to 1,200,000 additional shares of its common stock. The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers. The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes. Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers for this offering and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners are acting as co-managers for this offering. Full Article
StealthGas Inc Announces Acquisitions Of Vessels
StealthGas Inc announced that it has purchased four new building LPG carriers from an affiliated company for just under $100 million en bloc. The vessels are being built in a South Korean yard and are scheduled to be delivered from January to June 2014. The order encompasses four vessels, two 5,000cbm and two 6,500 cbm fully pressurized LPG carriers. The Company has already arranged for bank finance at the time of the vessels deliveries. These vessels have been designed to provide the industry with an ice-class, fuel-efficient and environment-friendly gas carrier, among other features enabling them to trade more widely. Full Article
StealthGas Inc. Announces Sale Of One Vessel
StealthGas Inc. announced that it has entered into an agreement to sell the smallest vessel in its fleet, the 1,320cbm, built 1991, LPG carrier, Gas Tiny. The delivery of the vessel to its new owners is scheduled towards the end of January. Full Article
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