Epic Gas Ltd. has announced the private placement of 9,375,000 new shares at a subscription price of $8.00 per share raising $75.0 million.
The new shares were placed with a number of institutional investors in the United States and Europe. It is intended that the net proceeds from the private placement will be used to further grow the LPG carrier fleet owned and operated by Epic Gas.
RS Platou Markets AS and DNB Markets acted as joint lead managers of the placement.
Lars Vang Christensen, CEO of Epic Gas, states: “We have had a strong response from the capital markets over the last two weeks. The targeted US$75 million that was raised reflects the positive market sentiment and Epic’s position as a top-class owner and operator of pressurised LPG carriers.”
Press Release, February 4, 2014