Star Bulk Preps USD 150 Million Share Offering

Star Bulk Preps USD 150 Million Share Offering

A NASDAQ-listed dry bulk specialist Star Bulk Carriers plans to make a public offering of USD 150 million of its common shares to bankroll its newbuilding program and cover some of the operating expenses, the company said in a release.

Star Bulk plans to use the cash to increase its working capital, cover capital expenditures, repay its debts, or to finance possible acquisitions and investments.

Oaktree Capital Management, Monarch Alternative Capital and entities affiliated with the family of Star Bulk’s CEO Petros Pappas, the three of Star Bulk’s significant shareholders, have expressed an interest in purchasing a substantial amount of common shares in this offering, Star Bulk says.

But the company warns that while Oaktree, Monarch and the Pappas Affiliates have expressed interest in purchasing common shares in the offering, there can be no assurance that any of them will actually participate in the offering.

The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

Star Bulk’s fleet currently includes 70 operating vessels and 27 newbuilding vessels under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.

On a fully delivered basis, Star Bulk will have a fleet of 97 vessels, with an aggregate capacity of 11.3 million dwt.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >