International Shipholding Corp. said Monday it intends, subject to market conditions, to raise up to $40 million through a stock sale.
The company said it would use the proceeds from the offering for general corporate purposes.
International Shipholding recently announced it is buying the Jones Act carrier U.S. United Ocean Services (UOS), which operates two handy-size bulkers and four tug/barge units for $111 million.
The company said it planned to use part of the $40 million "in connection with that deal," but also that it expected "to
fund the UOS acquisition price and related transaction expenses through
alternative financing sources."
- Chris Dupin