GoodBulk Ltd. on Monday announced that it has launched its initial public offering of 8,500,000 common shares at an anticipated initial offering price between USD 15.50 to USD 17.50 per common share.
In connection with the Offering, the Company intends to grant the underwriters the option to purchase up to 1,275,000 additional common shares. GoodBulk has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol “GBLK.”
The Company intends to use the net proceeds of the Offering, together with cash on hand and additional borrowings under the Company’s credit facilities, to fund the cash portion of the purchase price for the acquisition of up to five secondhand Capesize dry bulk vessels and for general corporate purposes.
Morgan Stanley and Credit Suisse are acting as lead book-runners, Clarksons Platou Securities, Evercore ISI, Pareto Securities and UBS Investment Bank are also acting as book-runners, and ABN AMRO is acting as co-manager for the Offering.
Last week, Goodbulk took delivery of the Aquakatie, a 2007 built Capesize vessel of 174,142 dwt built by SWS, CHN.
The vessel was acquired on 19 March 2018 for consideration of USD 19.9 million and is expected to be financed by a combination of USD 6.5 million of availability under its existing credit facilities and cash on hand.
The vessel is expected to be employed in the spot market via the Capesize Revenue Sharing Agreement managed by C Transport Maritime SAM.
Sea News, June 19