Diana Containerships to price shares placement, public sale of stock

Investor Diana Shipping will invest $20 million to fund debt repayment

By Devika Patel

Knoxville, Tenn., May 31 - Diana Containerships Inc. said it plans a $20 million private placement of stock with Diana Shipping Inc. and will also offer 14 million common shares concurrently in a public offering.

Wells Fargo Securities, Bank of America Merrill Lynch and Jefferies & Co., Inc. are the joint bookrunners for the public sale.

Proceeds will be used to repay the company's secured term loan facility with DnB NOR Bank ASA, for acquisition costs of three containerships and for additional containership acquisitions and general corporate purposes, including working capital.

Athina, Greece-based Diana Containerships owns and operates container vessels.

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