STAMFORD, Conn., July 30, 2013 /PRNewswire/ -- Dorian LPG Ltd. ("Dorian LPG") is pleased to announce that it has successfully closed the private placement of 68.8 million shares at US $2.44/share raising approximately US $168 million. Arctic Securities ASA, Pareto Securities AS and Fearnley Securities AS acted as joint lead managers of the placement. The shares were admitted for trading on the OSLO OTC market on Tuesday, July 30, 2013, under the ticker DORIAN. Additionally, in the upcoming months, Dorian LPG intends to seek a listing of its shares on the Oslo Stock Exchange. The private placement was placed with international and Norwegian institutional investors. Following the closing of the private placement, Dorian Holdings LLC and SEACOR Holdings Inc. (NYSE:CKH) ("SEACOR"), who combined committed 32.4% of the private placement will together have a 50.1% stake of the total 93,221,621 shares outstanding.
Commenting on the closing of the private placement, Dorian LPG Chairman Mr. John Hadjipateras stated, "The equity issue was well received among high-quality institutional investors. With a good operational track record and modern ships on the water, as well as Eco-newbuildings and with the support of a solid shareholder base, Dorian LPG is well positioned to benefit from the anticipated strong growth in demand for LPG shipping."
Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping activities of Dorian (Hellas) S.A. ("Dorian") and SEACOR, and is set to be a leading owner and operator of modern fuel-efficient Very Large Gas Carriers ("VLGCs"). Dorian LPG owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG has ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July and August 2014 and January 2015. Dorian LPG also holds fixed price options for an additional four VLGCs, giving the company opportunity for advantageous growth. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece.For additional information, contact:
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV