MPC Container Ships Raises USD 175 Million for Fleet Expansion

(Image Courtesy: IHS Fairplay)

Within a day after announcing subscriptions, Oslo-based containership major, MPC Container Ship managed to raise USD 175 million through a private placement. The company is planning to utilise the funds for future investments in containerships and general corporate purposes.

The company, on Wednesday (November 22) had announced private placement of 30.25 million new shares and the subscription was completed by Thursday. According to sources, the subscription was priced at NOK 47.50 (USD 5.80) per share, which was determined through an accelerated book-building process.

The fresh lot of shares to be issued under the private placement will be listed on Merkur Market, on a priority basis after registration of the share capital increase in the Norwegian Register of Business Enterprises, expected on or around December 8 this year.

DNB Markets and Fearnley Securities AS have acted as joint managers and bookrunners of the private placement. The completion is subject to approval by an extraordinary general meeting of the company which is expected to be held on or about December 4, the company said.

The board of directors of MPC Container Ships have decided to set aside the pre-emptive rights of the existing shareholders, with respect to the private placement. The company was established in April 2017, and boasts of a fleet of 26 vessels.

Sea News, November 24