July 13, 2012
/PRNewswire/ -- Box Ships Inc. (NYSE: TEU) today announced that it has priced its previously announced public offering of
of its common shares at
per share. The offering is expected to close on
, 2012. The Company has granted the underwriters a 30-day option to purchase an additional
of its common shares to cover over-allotments, if any. Neige International Inc., a company controlled by our Chairman, President and Chief Executive Officer, Mr.
, has agreed to purchase 2.6% of the common shares sold in the offering at the public offering price.
The Company intends to use a portion of the net proceeds of the offering to redeem 692,641 of the 1,333,333 9.75% Series B Cumulative Redeemable Perpetual Preferred Shares issued to Neige International Inc. in a previously announced private transaction, the proceeds of which were used to partially finance the acquisition price of the vessels
OOCL Hong Kong
delivered to us on
June 25, 2012
July 5, 2012
, respectively, at a price equal to the liquidation preference of
per share, plus accrued and unpaid dividends, and for general corporate purposes, which may include the repayment of debt.
Barclays, Credit Suisse and Deutsche Bank Securities are acting as joint book runners of the offering.
& Company is acting as co-manager for the offering.
This offering is being made only by means of a prospectus supplement and accompanying base prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
11717 (or by telephone at 1-888-603-5847 or by email to
), Credit Suisse at Credit Suisse Securities (
) LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY
10010 (or by telephone at 1-800-221-1037 or by e-mail to
) or Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street,
New York, New York
10005-2836 (or by telephone at 1-800-503-4611 or by e-mail to
A shelf registration statement relating to the shares was filed with the SEC and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.