Double Hull Tankers inc. (NYSE: DHT) has filed to sell up to 7 million shares of common stock via a secondary offering. The company has also granted underwriters a 1.05 million share overallotment option.
The shipping giant has hired Merrill Lynch and UBS to act as joint book-runners for the offering, while Dahlman Rose & Co. was listed as co-manager.
Net proceeds of the offering for general corporate purposes, which as with the usual language includes vessel and business acquisitions, strategic alliances, debt reduction, capital expenditures and working capital.
You can join our open email distribution list to hear about previews for other mergers, spin-offs, break-ups, IPO’s, special financings, and other special situations.
Based on today’s closing prices, this would represent close to $84million in gross proceeds before underwriting fees, which compares to a$358 million market cap. Unfortunately, shares are down over 6% at $11.21 in after-hours trading. The 52-week trading range is $9.32 to $18.79.
Jon C. Ogg
April 28, 2008
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