Oslo-based containership owner MPC Container Ships is looking to raise up to USD 200 million through a private placement as it plans further investments in container vessels.
The company, which is in the final stages of acquiring a significant number of feeder container ships, said that it has retained DNB Markets, part of DNB Bank ASA, and Fearnley Securities AS to assist with the placement of new shares with gross proceeds of USD 150-200 million.
Apart from future investments in container vessels, the net proceeds would be used for general corporate purposes, MPC Container Ships said.
The private placement will be directed towards Norwegian and international investors, in each case subject to and in compliance with applicable exemptions from relevant prospectus or registration requirements.
The company has been informed by the Managers that the contemplated minimum amount is covered within a price range of NOK 47-49. The subscription price will be determined based on an accelerated book building process.
The application period for the private placement will commence on November 22 and close on November 23. Completion of the placement is subject to approval by the Board of Directors, the allocation of the offer shares following the end of the application period and approval by an extraordinary general meeting.
Since its establishment in April 2017, the company has been on a shopping spree aimed at second hand vessels. With the addition of the latest vessel in early November, MPC Container Ships’ fleet included 26 vessels.