Athens: Diana Shipping has priced $55m in senior unsecured notes, which it intends to list on the New York Stock Exchange. The offering is expected to close on May 28.
The offering’s underwriters also have a 30-day option to purchase additional notes worth up to $8,250,000.
Diana’s CEO Simeon Palios, his affiliates and certain other executive officers of the company have purchased notes worth a combined $12,750,000 at the public offering price, the company said today.
“The company intends to use the net proceeds from the offering for general corporate purposes and working capital, which may include the acquisition of additional new or secondhand vessels or the construction of newbuildings,” Diana said in a statement.
If approved for listing on the NYSE, trading should commence within 30 days after the notes are first issued.
The notes will mature on May 15, 2020, and will be issued in multiples of $25.00 down to a minimum denomination of $25.00.
The joint book-running managers for the offering are Stifel, Deutsche Bank Securities, Janney Montgomery Scott, BB&T Capital Markets and Wunderlich.