Key Developments For TBS International Limited
TBS International Limited (TBSI.O) (Nasdaq)
Log-in Logistica Intermodal SA Announces Possible Partnership with TBS Commercial Group Ltd and TBS do Brasil
Log-in Logistica Intermodal SA announced that it has signed a memorandum of understanding with TBS Commercial Group Ltd and TBS do Brasil (TBS), establishing the basis for a potential partnership in break bulk and project cargo sea freight. Further details were not disclosed.
TBS International Limited Announces The Acquisition Of Its First Heavy Lift Tweendecker
TBS International Limited announced that it has entered into an agreement to acquire the M.V. CEC Cardigan, to be renamed M.V. Zia Belle, a 1997 built, 8,874 dwt heavy-lift multipurpose tweendecker with two 150 ton cranes, combinable up to 300 tons. TBS has agreed to acquire this vessel charter free for $20.6 million with expected delivery during the fourth quarter of 2008. The Zia Belle will be TBS' first tweendecker with heavy-lift gear, a cargo capability in demand for project shipping worldwide.
TBS International Limited Announces Acquisition Of Handymax Bulk Carrier
TBS International Limited announced that it has entered into an agreement to acquire the M.V. Ken Blossom (to be renamed), a 38,852 dwt, 1992 built handymax bulk carrier. The Company has agreed to acquire this vessel for a purchase price of $44.0 million charter free with expected delivery during the third quarter of 2008.
TBS International Limited Announces Acquisition Of Handymax Bulk Carrier
TBS International Limited announced that it has entered into an agreement to acquire the M.V. Desert Explorer, to be renamed M.V. Fox Maiden, a 1985 built, 40,902 dwt handymax bulk carrier. The Company has agreed to acquire this vessel charter free for $35.5 million.
TBS International Limited Announces Pricing Of Follow-On Offering
TBS International Limited announced that it and certain of its shareholders have priced a follow-on offering of a combined 3,400,000 Class A Common Shares at $51.00 per share. Jefferies & Company, Inc. and Banc of America Securities LLC are acting as joint book-running managers and Dahlman Rose & Company is acting as joint lead manager for the offering. The Company is offering 2,000,000 Class A common shares and the selling shareholders are offering an additional 1,400,000 Class A common shares. The Company has granted the underwriters an option to purchase an additional 510,000 Class A common shares. The offering is expected to close on May 28, 2008. The Company intends to use the net proceeds it receives from the offering for general corporate purposes, including the acquisition of secondhand vessels, the acquisition or construction of newbuild vessels, repayment of debt or additions to working capital or capital expenditures.
