Norwegian shipping company 2020 Bulkers plans a private placement of up to USD 175 million at a subscription price of USD 0.299 per share. The offering has been increased from the previously planned USD 125 million following strong demand from investors.
Of the net proceeds, USD 100 million will be used to partially refinance debt in the companies being acquired in the planned AHTS transaction. The remaining USD 75 million will be used for, among other things, working capital, transaction costs and further acquisition opportunities.
The subscription period runs from 22 September to 23 September at 23:00. The offering is, among other things, conditional on an extraordinary general meeting on 29 September and completion of the acquisition of AHTS.
2020 Bulkers also plans a subsequent offering of up to NOK 75 million. Arctic Securities, Clarksons Securities, DNB Carnegie, Fearnley Securities, Pareto Securities and SB1 Markets are joint bookrunners.
