International Shipholding to sell $40 million convertible preferreds

New York, Nov. 2 - International Shipholding Corp. plans to sell $40 million of convertible exchangeable perpetual preferred stock, according to an S-1 filing with the Securities and Exchange Commission.

The deal will be brought to market by bookrunner Ferris, Baker Watts Inc.

The sale, structured as 800,000 of $50 par shares, will have a $4 million or 80,000 share greenshoe.

International Shipholding, a New Orleans marine freight company, will use proceeds to buy two used ships and to add a second cargo deck to two vessels operating in its rail-ferry service. Remaining proceeds will be used for working capital and general corporate purposes.

The preferreds will be callable starting in 2006 subject to a 150% hurdle and in 2007 at specified prices.

From 2005 to 2014, the company has the option to exchange the securities for convertible subordinated notes.

© 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.