Scorpio Bulkers Eyes USD 61 Mn for Corporate Purposes

Image Courtesy: Scorpio Bulkers

NYSE-listed owner and operator of dry bulk vessels Scorpio Bulkers is looking to tap into USD 61 million as it priced its previously announced underwritten public offering of 20 million shares of common stock at USD 3.05 per share.

The offering is expected to close on June 20, 2016, according to the company’s release.

The net proceeds from the sale of the shares are expected to be used for general corporate purposes, Scorpio Bulkers said, adding that Scorpio Services Holding Limited has agreed to purchase an aggregate of 5.25 million common shares at the public offering price.

The company has granted the underwriters a 30-day option to purchase up to an additional 3 million common shares.

Clarksons Platou Securities, Inc. is acting as Sole Bookrunner & Joint Lead Manager in the Offering and BTIG, LLC, Pareto Securities Inc. and Stifel, Nicolaus & Company, Incorporated are acting as Joint Lead Managers in the Offering.

During the first quarter of the year, Scorpio Bulkers reported a net loss of USD 58.3 million, compared to a net loss of USD 52.1 million seen in the same period in 2015.

The quarter also brought a number of shifts in the company’s shipbuilding contracts, as Scorpio decided to scrap one Kamsarmax bulk carrier that was expected to be delivered in April 2016 and delayed the delivery of two Ultramaxes and six Kamsarmax vessels under construction by approximately six months each.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >