Capital Product Partners equity offering could raise up to $140.3m

Capital Product Partners equity offering could raise up to $140.3m

London: After announcing a public offering of 12.8m common units in its limited partnership yesterday, Capital Product Partners says the units will each be sold at a price of $9.53.

At this price, the offering will raise around $121.98m for the company, plus an additional $18.3m if underwriters exercise their option to purchase an additional 1.92m shares.

The NASDAQ-quoted company says the new offering will raise money to help refinance its debt.

The offering is expected to close on April 21, CPLP said today.

Shares in the Athens-based company are currently trading at $9.36 per unit, down on its closing price of $9.92 yesterday, when the offering was announced.

The fundraiser comes just over a month after the company cancelled its plans to raise $260m through the bond market, calling the former plan “opportunistic”.

The Athens-based company operates 20 tankers plus two boxships and a capesize bulker.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

Related Posts