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International Shipholding Corporation (NYSE: ISH) today announced the closing of its previously-announced sale of $25 million of its Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”) at $100 per share. Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by ISH’s board of directors. The Company received net proceeds from the offering of $23.750 million after deducting underwriting discounts but excluding other related expenses.
ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and the reactivation of a tug-barge unit which is scheduled to be deployed in April.
The Company is currently completing the application process to list the Series A Preferred Shares on the NYSE under the symbol “ISHPRA”. The shares are expected to be listed by Monday, February 25.
Incapital LLC and DNB Markets, Inc. acted as joint book-running managers and Incapital LLC was the sole structuring agent for the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offers of the Series A Preferred Shares described in this press release will be made exclusively by means of the Company’s prospectus supplement dated February 14, 2013, and accompanying base prospectus, which relate to ISH’s effective shelf registration statement.
About International Shipholding Corporation
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and International Flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.