Morgan Stanley helps fund vessel acquisitions and corporate purposes
By Devika Patel
Knoxville, Tenn., March 17 - Ardmore Shipping Corp. said the underwriters for its public sale of stock opted to exercise the deal's $14.18 million greenshoe in full for total proceeds of $108.68 million. The deal was announced on Feb. 13 and priced for $94.5 million with the greenshoe on March 6.
The company sold 8.05 million common shares at $13.50 per share. The price per share reflects a 1.1% discount to the March 5 closing share price of $13.65. Of the shares, 1.05 million were part of the fully exercised greenshoe.
Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Clarkson Capital Markets LLC were the joint bookrunning managers.
Proceeds will be used to acquire vessels and for general corporate purposes.
Ardmore is a Hamilton, Bermuda-based transporter of petroleum products and chemicals.
| Issuer: | Ardmore Shipping Corp.
|
| Issue: | Common stock
|
| Amount: | $108,675,000 (including $14,175,000 greenshoe)
|
| Shares: | 8.05 million
|
| Price: | $13.50
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and Clarkson Capital Markets LLC
|
| Co-managers: | Evercore Group LLC, Pareto Securities AS and ABN AMRO Securities (USA) LLC
|
| Announcement date: | Feb. 13
|
| Pricing date: | March 17
|
| Stock symbol: | NYSE: ASC
|
| Stock price: | $13.65 at close March 5
|
| Market capitalization: | $341.67 million
|
© 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.
