Crowley Raises Cash for Its Newbuild Program
Crowley Maritime Corporation has successfully raised gross proceeds of $200 million through the sale of 200,000 shares of Series A Income Preferred Securities. The company intends to use the net proceeds from this offering in connection with its new vessel build program as well as for general corporate purposes.
“We are very pleased to have concluded this important transaction for the company, especially as it offers a new source of capital to pursue our growth plans,” said Crowley’s Chairman, President and CEO Tom Crowley.
DNB Markets acted as exclusive financial advisor to Crowley. DNB Markets and Incapital acted as joint book-running managers for the offering.
Press Release, October 24, 2013