Key Developments: Star Bulk Carriers Corp (SBLK.O)
6.02USD
23 May 2013
$-0.08 (-1.31%)
$6.10
$6.02
$6.16
$6.02
16,210
30,115
$12.60
$5.64
Latest Key Developments (Source: Significant Developments)
Star Bulk Carriers Corp Announces Proposed $75.0 Million Backstopped Equity Rights Offering
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. Full Article
Star Bulk Carriers Corp Declares Quarterly Dividend Of $0.015 Per Share
Star Bulk Carriers Corp announced that its Board of Directors declared a cash dividend of $0.015 per outstanding share of the Company's common stock for the three months ended June 30, 2012. The dividend is payable on or about September 18, 2012, to shareholders of record as of September 10, 2012. Full Article
Star Bulk Carriers Corp. Declares Dividend
Star Bulk Carriers Corp. announced that its Board of Directors declared a cash dividend of $0.015 per outstanding share of the Company's common stock for the three months ended March 31, 2012. The dividend is payable on or about June 20, 2012, to shareholders of record as of June 13, 2012. Full Article
Star Bulk Carriers Corp. Announces Sale Of Capesize Vessel Star Ypsilon And Settlement Of Claim With Deiulemar
Star Bulk Carriers Corp. announced that the Company has entered into an agreement to sell the Star Ypsilon, a 150,940 dwt Capesize vessel, built 1991, to a third party for a contracted sale price of $9.12 million. The Company plans to deliver the vessel to the buyers within March 2012. Furthermore, Star Bulk announced that its subsidiary Star Beta LLC and Deiulemar Shipping S.p.A (Deiulemar) agreed to settle all claims that were the subject of an ongoing arbitration. In connection with the settlement, the Company received a major portion of its arbitration claim and the arbitration proceedings were discontinued. In addition, the cash collateral posted by the Company as security in the arbitration proceedings was released and returned to the Company. The settlement of the claim with Deiulemar is considered an adjusting subsequent event in accordance with U.S. GAAP and the Company will include the settlement amount in its audited financial statements that will appear in its annual report on Form 20-F for the year ended December 31, 2011. Full Article
Star Bulk Carriers Corp. Declares Dividend
Star Bulk Carriers Corp. announced that its Board of Directors declared a cash dividend of $0.015 per outstanding share of the Company's common stock for the fourth quarter and year ended December 31, 2011. The dividend is payable on or about March 6, 2012 to shareholders of record as of February 28, 2012. Full Article
Star Bulk Carriers Corp. Extends Share Repurchase Plan
Star Bulk Carriers Corp. announced that its Board of Directors approved the extension of the Company's Share Repurchase Plan, which has been in place since 2010, to December 31, 2012. The plan calls for the repurchases of Common Stock for up to $30 million to be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, applicable legal requirements and other factors. Full Article
Star Bulk Carriers Corp. Enters Into One-Year Time Charter Agreement For Star Kappa
Star Bulk Carriers Corp. announced that it has entered into a time charter contract with Pacific Basin Chartering Limited BVI for the Star Kappa for approximately one year, at a gross daily rate of $12,500. The Star Kappa is a Supramax vessel of 52,055 dwt built in 2001. The new contract is expected to contribute a minimum of $4.2 million to a maximum of $5.1 million in gross revenue. The vessel is expected to be delivered to Pacific Basin once it finishes its scheduled drydock. Full Article
Star Bulk Carriers Corp. Declares Dividend
Star Bulk Carriers Corp. announced that its Board of Directors declared a cash dividend of $0.05 per outstanding share of the Company's common stock for the three months ending September 30, 2011. The dividend is payable on or about December 6, 2011 to shareholders of record as of November 29, 2011. Full Article
Star Bulk Carriers Corp. Enters Into a One Year Time Charter Agreement for Star Theta
Star Bulk Carriers Corp. announced that it has entered into a time charter contract with Cargill International S.A (Cargill) for the vessel Star Theta, for a duration of approximately one year, at a gross daily rate of $14,100. The Star Theta is a Supramax vessel of 55,425 dwt built in 2003. The new contract will contribute a minimum of $4.5 million to a maximum of $5.6 million in gross revenue. The vessel is expected to be delivered to Cargill in October 2011. Full Article
Star Bulk Carriers Corp. Announces Signing Of $64.5 Million Loan Facility With HSH Nordbank
Star Bulk Carriers Corp. announced that it has entered into a new $64.5 million secured term loan agreement with HSH Nordbank, which has up to a five year term and bears interest at LIBOR plus a margin. The borrowings under this new loan agreement together with $5.3 million in cash were used to repay in full the Company's two existing loan facilities with Piraeus Bank as agent and lender, respectively. Full Article
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