Diana Shipping to price minimum $50 million cumulative redeemable preferred shares at 8.875%-9%

By Stephanie N. Rotondo

Phoenix, Feb. 10 - Diana Shipping Inc. intends to sell at least $50 million of series B cumulative redeemable perpetual preferred shares, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Price talk is between 8.875% and 9%.

Morgan Stanley & Co. LLC, UBS Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners. Co-managers are BB&T Capital Markets and Raymond James & Associates Inc.

Dividends will be payable quarterly on the 15th day of January, April, July and October, beginning April 15. The shares become callable on or after Feb. 15, 2019 at par plus accrued dividends.

The company has applied to list the new securities on the New York Stock Exchange under the ticker symbol "DSXPB."

Proceeds will be used for general partnership purposes, which may include paying down debt or for acquiring new vessels.

Diana Shipping is an Athens, Greece-based provider of shipping transportation via dry bulk vessels.

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