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Star Bulk Carriers Corp Announces Proposed $75.0 Million Backstopped Equity Rights Offering

Thursday, 2 May 2013 07:00am EDT 

Star Bulk Carriers Corp announced that its Board of Directors has approved a backstopped equity rights offering, which will allow the Company to raise equity capital through the sale of its common shares. The proceeds are expected to be primarily used for orders for fuel-efficient dry bulk vessels with some of the proceeds being reserved for working capital and general corporate purposes. The Company plans to raise gross proceeds of $75.0 million through a backstopped equity offering of 14,018,692 common shares only to holders of record of its common shares (the Record Date Holders) as of the close of business on May 15, 2013 (the Record Date). In connection with this offering, the Company will distribute, at no charge, to the Record Date Holders one non-transferable subscription right to purchase the Offered Shares for each common share owned on the Record Date. Evercore Partners is acting as financial advisor to the Company, and Seward & Kissel LLP is acting as the Company's legal advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as Oaktree's legal advisor, and Willkie Farr & Gallagher LLP is acting as Monarch's legal advisor. 

Company Quote

0.19 +3.05%
11:15am EST