Dorian LPG Ltd. has successfully completed a private placement of 28,182,000 new common shares of USD 0.01 par value at a subscription price of NOK 22 per share, raising NOK 620 million (approx $100 million) in gross proceeds to the company.
The company plans to use the proceeds from the private placement to part finance the ECO-class very large gas carriers (VLGCs) currently under construction and for general corporate purposes including working capital and transaction costs. RS Platou Markets AS (bookrunner), Arctic Securities ASA and DNB Markets, have acted as joint lead managers for the private placement.
Dorian LPG has 16 ECO VLGC newbuildings due for delivery in 2014 and in 2015 from HHI and Daewoo Shipping and Marine Engineering Ltd., including 13 vessels that it acquired from Scorpio Tankers. In addition, the company holds options for three 3 ECO VLGCs.
Press Release, February 10, 2014