Box Ships will raise $21 million via stock sale
The Athens, Greece-based containership chartering firm Box Ships said Wednesday it has priced its previously announced public
offering of 4 million common shares at $5.25 per share.
offering is expected to close on March 18. The company has
granted the underwriters a 30-day option to purchase an additional
600,000 of its common shares to cover over-allotments, if any. The
gross proceeds from the offering before the underwriting discount and
other offering expenses are expected to be about $21 million. The net proceeds of the offering will be used
for general corporate purposes, which may include the repayment of debt
and the acquisition of vessels, the company said.
Box Ships currently has a fleet of nine containerships with a total carrying capacity of
43,925 TEUs and a TEU-weighted average age of 8.1 years. The company's
shares trade on the New York Stock Exchange under the symbol TEU. - Chris Dupin
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