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Diana Shipping announces pricing of $70M public offering of common shares

Apr. 21, 2017 6:21 AM ETDiana Shipping Inc. (DSX) StockBy: Niloofer Shaikh, SA News Editor11 Comments
  • Diana Shipping (NYSE:DSX) priced its previously announced underwritten public offering of 17.5M common shares, par value $0.01 per share, at a price of $4.00 per share.
  • The Company has granted the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional 2,625,000 shares of common stock at the public offering price, less underwriting discounts.
  • As part of the offering, CEO Simeon Palios, executive officers and certain directors, have agreed to purchase an aggregate of 5.5M common shares at the public offering price.
  • The offering is expected to close on April 26 and the gross proceeds from the offering before underwriting discounts and other offering expenses are expected to be $70M.
  • Net proceeds of the offering are expected to be used to fund the acquisition costs of additional dry bulk vessels and any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes.
  • Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. are acting as joint book-running managers.
  • Previously: Diana Shipping lower after disclosing share offering (April 19)

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