Ship owner and operator GoodBulk is selling its shares to collect up to USD 80 million, which may be used to finance the acquisition of six CarVal dry bulk vessels.
Namely, the company said it would carry out a rights offering of up to 5.25 million new common shares at a subscription price of USD 15.23 per share directed towards existing eligible shareholders as per December 8, 2017, registered with the Norwegian Central Securities Depository on December 12, 2017.
The proceeds from the rights offering would be used to finance the acquisition of the Capesize vessels and for other general purposes, GoodBulk informed.
The subscription period for the rights offering is expected to end on December 18, 2017. The company has received pre-commitments from certain existing eligible shareholders to subscribe for a minimum of USD 18 million in the rights offering.
In late October, GoodBulk signed a deal to purchase 7 to 13 Capesizes from entities managed by CarVal Investors.
At the time, the company said that funds managed by CarVal Investors will receive up to 10.5 million common shares in GoodBulk for the initial 7 vessels, with USD 61 million of existing borrowings expected to be refinanced under GoodBulk credit facilities.
Upon completion of the base transaction of 7 Capesize vessels, GoodBulk will control a fleet of 19 vessels with an average age of 9 years, consisting of 16 Capesize, 1 Panamax, and 2 Supramax vessels.
GoodBulk will have the option to acquire up to an additional 6 Capesize vessels.