The Company plans to use the net proceeds of the offering of approximately $71.4 million to fund a portion of the costs of the construction of ocean-going, double-hulled tank barges, the retrofit of certain existing vessels, possible future acquisitions or additional new vessel construction, and for general corporate purposes. Pending such uses, the Company may use the proceeds to repay debt under its revolving credit facility, which can then be reborrowed.
The underwriters for the offering are Goldman, Sachs & Co., as co-lead and sole book-running manager; Jefferies & Company, Inc., as co-lead manager; and Simmons & Company International and Johnson Rice & Company L.L.C., as co-managers.
The registration statement relating to the common stock has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering of these securities will be made only by means of a final prospectus, copies of which may be obtained from Goldman Sachs at 85 Broad Street, New York, NY 10004, Attention: Prospectus Department, Telephone (212) 902-1171.
Most Popular Articles