Diana Shipping greenshoe lifts 8.875% preferreds deal to $64.8 million

By Susanna Moon

Chicago, Feb. 25 - Diana Shipping Inc. underwriters exercised the over-allotment option for $4.8 million of 8.875% series B cumulative redeemable perpetual preferred shares, bringing the total deal size to $64.8 million.

The company sold 2.6 million of the series B preferreds, including the over-allotment option for 200,000 shares, according to a press release.

Diana Shipping priced $60 million of the perpetual preferreds at par of $25.00 on Feb. 10, as reported by Prospect News.

Morgan Stanley & Co. LLC, UBS Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

The series B preferreds began trading on the New York Stock Exchange under the symbol "DSXPRB" last Friday.

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

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.