Thursday June 5, 02:38 PM
Britannia Bulk Holdings registers for IPO
NEW YORK (AP) - Britannia Bulk Holdings Inc., a provider of drybulk shipping and maritime logistics services, has registered for an initial public offering of 8.3 million shares, according to a Securities and Exchange Commission filing on Wednesday.
The company expects the IPO to price between $17 and $19 per share.
Based on the anticipated IPO price range, Britannia's market capitalization would total $458.7 million to $512.6 million. Assuming an offering price of $18 per share, the company expects to raise about $136 million after offering expenses.
Britannia plans to use the IPO proceeds, with other amounts and borrowings, to repay and refinance debt and for general corporate purposes.
The company's current owned fleet consists of 22 vessels, and the company has contracted to buy an additional 6 vessels. Upon delivery, which is expected between June 2009 and September 2010, Britannia's owned fleet will consist of 28 vessels. The total includes 19 drybulk vessels, 11 of which will be certified for transportation in icy conditions.
As of March 31, Britannia also chartered 45 drybulk vessels. The company also provides maritime logistics services for its customers.
Britannia is incorporated in the Republic of the Marshall Islands, but its day-to-day operations are conducted from Great Britain and Denmark.
For the first three months of 2008, Britannia's earnings totaled $31.5 million on revenue of $300.2 million. The company said about 74 percent of its revenue was earned from shipping drybulk commodities to and from the Baltic and Northern Europe regions.
Goldman Sachs (NYSE: GS - news) and Banc of America Securities are serving as the IPO's lead underwriters. Dahlman Rose & Co. and Oppenheimer & Co. are also underwriting the offering.
The underwriters have an option to buy up to about 1.3 million additional shares to cover any overallotments.
Britannia plans to list its shares on the New York Stock Exchange under the symbol 'DWT.'
Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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