NEW YORK, Nov. 13, 2013 /PRNewswire/ -- Baltic Trading Limited ("Baltic Trading") (NYSE: BALT) today announced the pricing of its public offering of common stock. The offering was made pursuant to Baltic Trading's registration statement (including a prospectus and related prospectus supplement for the offering). Baltic Trading agreed to sell 11,000,000 shares of common stock at a public offering price of $4.60 per share. Total gross proceeds from the offering will be approximately $50.6 million. The offering is expected to close on November 18, 2013, subject to the satisfaction of customary closing conditions. Baltic Trading intends to use the net proceeds from the offering for future vessel acquisitions or, to the extent it does not so use them, for working capital and general corporate purposes.
In connection with the offering, Baltic Trading granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of common stock.
Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, and DVB Capital Markets LLC, Cowen and Company, LLC, and Clarkson Capital Markets LLC are acting as co-managers for the offering.
The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The offering was made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus were filed with the SEC and are available on the SEC's website, www.sec.gov. Alternatively, copies may be obtained from Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022 (or by email to Prospectus_Department@Jefferies.com) or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department (or by email: email@example.com).
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. These securities will be offered only by means of a prospectus, including the prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Baltic Trading Limited
Baltic Trading Limited is a drybulk company focused on the spot charter market. Baltic Trading transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes. Baltic Trading's fleet consists of two Capesize, four Supramax and five Handysize vessels with an aggregate carrying capacity of approximately 736,000 dwt. After the expected delivery of the two Capesize vessels that Baltic Trading has agreed to acquire, Baltic Trading will own 13 drybulk vessels, consisting of four Capesize, four Supramax and five Handysize vessels with a total carrying capacity of approximately 1,095,000 dwt.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and observations, and include those that discuss the offering, the anticipated timing of closing of the offering and the use of net proceeds from the offering. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. Such statements are subject to various risks, uncertainties and assumptions, including market conditions. Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed in any forward-looking statements. These risks, as well as others, are discussed in greater detail in Baltic Trading's filings with the SEC, including, without limitation, the "Risk Factors" section in the preliminary prospectus supplement and related prospectus relating to our offering, our Annual Report on Form 10-K for the year ended December 31, 2012, and our subsequent filings with the SEC.
SOURCE Baltic Trading Limited