Rickmers Maritime announces S$102m rights issue

Singapore: Rickmers Maritime is undertaking a non-underwritten renounceable rights issue to raise gross proceeds of up to approximately S$101.7m (US$81.5m) to help keep its banks happy.

The rights issue will be offered on a 1-for-1 basis at an issue price of S$0.240 per unit.

This represents a discount of 33.3% to the closing price of S$0.360 per unit on the Singapore Exchange Securities Trading Limited on 18 March.

Thomas Preben Hansen, ceo of Rickmers Maritime, commented, “We are very pleased to announce this rights issue, on the back of which, we have agreed with our nine lending banks to an extension of our existing VTL covenant waiver by one and a half years. This period of time will allow Rickmers Maritime to further deleverage its balance sheet. Moreover a number of leading market commentators expect to see improved asset values and stronger charter hire rates for containerships by December 2014. This transaction gives Rickmers Maritime a stronger financial position to take advantage of a recovery in the market.”  [19/03/13]

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