Bookrunner BB&T Capital Markets also has $2.52 million greenshoe
By Devika Patel
Knoxville, Tenn., Sept. 16 - Rand Logistics, Inc. said it priced a $16.8 million public sale of its common stock. The deal was announced Tuesday.
The company will sell 2.8 million common shares at $6.00 apiece. The price per share is a 1.64% discount to the Sept. 15 closing share price of $6.10.
The deal also has a greenshoe of 420,000 shares for $2.52 million.
BB&T Capital Markets is the sole bookrunner.
Settlement is expected Sept. 21.
Proceeds will be used for the acquisition of two dry bulk carriers and for general corporate purposes.
Based in New York, Rand provides bulk freight shipping services in the United States and Canada.
| Issuer: | Rand Logistics, Inc.
|
| Issue: | Common stock
|
| Amount: | $16.8 million
|
| Greenshoe: | $2.52 million
|
| Shares: | 2.8 million
|
| Price: | $6.00
|
| Warrants: | No
|
| Bookrunner: | BB&T Capital Markets
|
| Announcement date: | Sept. 13
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 21
|
| Stock symbol: | Nasdaq: RLOG
|
| Stock price: | $6.10 at close Sept. 15
|
| Market capitalization: | $89.21 million
|
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