Scorpio Bulkers Eyes USD 61 Mn for Corporate Purposes

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>

<< Mar 2019 >>
MTWTFSS
25 26 27 28 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

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >

LNG2019

LNG2019 features the largest number and highest level of LNG industry leaders.

read more >

Singapore Maritime Week (SMW) 2019

very year, SMW gathers the international maritime community for a week of flagship conferences…

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >