Star Bulk Carriers Corp. has priced its underwritten public offering of 49,000,418 of its common shares at a price of USD 5.00 per share.
The offering is expected to close on January 14, 2015, subject to customary conditions.
The company intends to use the net proceeds from the offering for its newbuilding program and general corporate purposes.
Star Bulk has 34 newbuilding vessels currently under construction at shipyards in Japan and China, which are all expected to be delivered during 2015 and 2016.
Oaktree Capital Management, L.P., Angelo, Gordon & Co., Monarch Alternative Capital, LP and family members and entities owned and controlled by affiliates of the family of Mr. Petros Pappas, are expected to purchase approximately 37,250,418 of the common shares in this offering.
Jefferies LLC and Morgan Stanley & Co. are acting as joint book-running managers for the offering.
ABN Amro N.V., Credit Agricole Corporate and Investment Bank, DNB ASA and DVB Bank SE are acting as co-managers for the offering.
The underwriters have a 30-day option to purchase up to an additional 1,762,500 common shares.
The company will also add 5 second hand vessels to be delivered in early 2015.
On a fully delivered basis, Star Bulk will have a fleet of 102 vessels, with an aggregate capacity of 11.8 million dwt.