International Shipholding Corporation Announces Pricing Of $25 Million Public Offering Of 9.50% Series A Cumulative Redeemable Perpetual Preferred Shares
International Shipholding Corporation (NYSE: ISH) today announced that
it has priced its $25 million public offering of shares of its Series A
Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred
International Shipholding Corporation (NYSE: ISH) today announced that it has priced its $25 million public offering of shares of its Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”) at $100 per share. ISH has granted the underwriters a 30-day option to purchase up to an additional $3.75 million of Series A Preferred Shares on the same terms and conditions. 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 offering is expected to close on February 21, 2013. ISH intends to use the net proceeds from the offering for general corporate purposes, including working capital and potential deployments of currently inactive vessels. ISH intends to apply to list the Series A Preferred Shares on the New York Stock Exchange. Incapital LLC and DNB Markets, Inc. are acting as joint book-running managers and Incapital LLC is the sole structuring agent for the offering. When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained by contacting Incapital LLC, Attn: DCM Prospectus Department, 200 S. Wacker Drive, Suite 3700, Chicago, Illinois 60606, Telephone (312) 379-3700, Email firstname.lastname@example.org; or DNB Markets, Inc., 200 Park Avenue, 31 st Floor, New York, New York, 10166, Telephone: (212) 551-9856. 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 above-described prospectus supplement and accompanying base prospectus, which relate to ISH’s effective shelf registration statement.