Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 4:45 AM
Slide #295. Box Ships Inc. — Preferred Stock Offering
||Box Ships Inc. (TEU)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||Box Ships Inc. (NYSE:TEU) (the "Company") today announced that it intends to offer shares of its newly designated Series C Cumulative Redeemable Perpetual Preferred Shares (the "Series C Preferred Stock") in an underwritten public offering. The public offering price and other terms of the Series C Preferred Stock are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 45-day option to purchase additional shares of Series C Preferred Stock on the same terms and conditions to cover over-allotments, if any. The Company has applied to list the Series C Preferred Stock on the New York Stock Exchange. - updated 7/25 - Box Ships Inc. (NYSE:TEU) (the "Company") today announced that it has priced its public offering of 558,333 shares of its 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Shares") at $24.00 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $13.4 million. Neige International Inc., a company controlled by Mr. Michael Bodouroglou, the Company's Chairman, President and Chief Executive Officer, has agreed to purchase $5.0 million of the Series C Preferred Shares, or 208,333 shares, sold in the offering at the public offering price. The Company has granted the underwriters a 45-day option to purchase up to an additional 52,500 Series C Preferred Shares on the same terms and conditions to cover over-allotments, if any. The offering is expected to close on July 29, 2013.
Box Ships is an international shipping company engaged in the seaborne transportation of containers worldwide. Co. is focused on the container shipping industry. Co.'s fleet is comprised of approximately nine containerships with a TEU weighted average age of 10.2 years, a total capacity of 43,925 TEU and a weighted average remaining charter duration of 6 months (weighted by aggregate contracted charter hire). Co. operates through a number of wholly-owned, vessel-owning subsidiaries incorporated in the Republic of Liberia, the Republic of the Marshall Islands and Hong Kong.
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