ATHENS, Greece, April 25, 2013 (GLOBE NEWSWIRE) -- StealthGas Inc. (the "Company") (Nasdaq:GASS) announced today the pricing of its previously announced public offering of common stock. The Company increased the size of the offering from 8,000,000 shares to 10,000,000 shares. The shares will be sold at a price to the public of $10.00 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000. An entity controlled by the family of the Company's President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.
The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers. The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes.
Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners are acting as co-managers for this offering, which is being made under an effective shelf registration statement.The offering is expected to close on or about April 30, 2013. The offering is being made only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement and base prospectus relating to the offering has been filed with the Securities and Exchange Commission ("SEC") and is available at the SEC's website at http://www.sec.gov. When available, the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling (800) 326-5897 or by email at email@example.com and Deutsche Bank Securities, Attention: Prospectus Group, 60 Wall Street, New York, New York 10005-2836 (telephone: 1-800-503-4611). This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.