Athens: NYSE-listed Scorpio Bulkers is to sell 130m shares at a price of $1.50 each, raising up to $195m in its latest offering, which is expected to close on June 16.
The offering has been priced at a 37% discount on the stock’s opening price of $2.38 per share on Tuesday, just prior to the offering being announced.
The stock fell further after the news and closed at $1.60 per share yesterday.
“Any net proceeds of the offering not used for installment payments are expected to be used for general corporate purposes and working capital,” the Monaco-based company said on Tuesday; it currently has 63 vessels under construction.
Up to $15m in common shares have been reserved by the offering’s underwriters for purchase by Scorpio Services Holdings and certain executive officers of the company. These shares will be bought at the public offering price, Scorpio confirmed.
The underwriters have a 30-day option to purchase up to an additional 19,950,000 shares, a stake worth $29.925m.
Deutsche Bank Securities and Clarksons Platou Securities are acting as joint bookrunners in the offering; Evercore ISI and Stifel are acting as co-lead managers and ABN AMRO, Credit Agricole CIB and Clarksons Platou Securities are acting as co-managers.