Morgan Stanley, Evercore, Stifel, ABN help fund tankers acquisition
By Devika Patel
Knoxville, Tenn., June 8 – Ardmore Shipping Corp. said it priced a $66.75 million public offering of stock with a $10.01 million greenshoe. The offering was announced Tuesday.
The company will sell 7.5 million common shares at $8.90 per share. The price per share is an 8.62% discount to the June 7 closing share price of $9.74.
GA Holdings LLC plans to buy 1,277,250 shares for $11,367,525.
Morgan Stanley, Evercore ISI, Stifel and ABN Amro are the bookrunning managers.
Proceeds will be used to acquire six modern Eco-design MR product/chemical tankers. The remainder of the acquisition price will be paid through a new credit facility.
Ardmore is a Hamilton, Bermuda-based transporter of petroleum products and chemicals.
| Issuer: | Ardmore Shipping Corp.
|
| Issue: | Common stock
|
| Amount: | $66.75 million
|
| Greenshoe: | $10,012,500, or 1,125,000 shares
|
| Shares: | 7.5 million
|
| Price: | $8.90
|
| Warrants: | No
|
| Bookrunners: | Morgan Stanley, Evercore ISI, Stifel and ABN Amro
|
| Co-manager: | DVB Capital Markets
|
| Investor: | GA Holdings LLC (for $11,367,525)
|
| Announcement date: | June 7
|
| Pricing date: | June 8
|
| Stock symbol: | NYSE: ASC
|
| Stock price: | $9.74 at close June 7
|
| Market capitalization: | $230.76 million
|
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