Dorian LPG Ltd. Announces Pricing of its Initial Public Offering

STAMFORD, Conn., May 7, 2014 /PRNewswire/ -- Dorian LPG Ltd. ("Dorian LPG" or the "Company") today announced the pricing of its public offering of 7,105,263 shares of its common stock, par value $0.01 per share, at $19.00 per share.  The Company has granted the underwriters a 30-day option to purchase up to an additional 1,065,789 common shares to cover over-allotments, if any.  The Company intends to use all of the net proceeds from the offering to partly finance the construction of 19 Very Large Gas Carriers (VLGCs) being built in two Korean shipyards.

The Company's common shares are expected to commence trading on May 8, 2014 on the New York Stock Exchange under the symbol "LPG." The offering is expected to close on May 13, 2014, subject to customary conditions.

Concurrently with the initial public offering, the Company plans to offer to exchange all of the unregistered common shares that it previously issued in its prior equity private placements, other than the common shares owned by affiliates of the Company, for common shares that have been registered under the Securities Act of 1933, as amended, which the Company refers to as the Exchange Offer. The Company has filed a registration statement on Form F-4 (File No. 333-194598) to register the common shares to be offered by the Company in the Exchange Offer. The Company expects such registration statement to become effective on May 8, 2014.

J.P. Morgan and UBS Investment Bank are acting as lead book-running managers for the offering. Clarkson Capital Markets and Wells Fargo Securities are acting as joint bookrunners in the offering.  DNB Markets and Tudor, Pickering, Holt & Co. are acting as Senior Co-Managers and ABN AMRO, Arctic Securities, DVB Capital Markets and Fearnley Securities are acting as Co-Managers in the offering.

The initial public offering is being made by means of a prospectus. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204; or UBS Investment Bank, 299 Park Avenue, New York, NY 10171, Attn: Prospectus Department, telephone: (888) 827-7275.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC").  The registration statement is available on the SEC's website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, competition in the tanker industry, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, piracy or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

About Dorian LPG Ltd.

Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently owns and operates three modern VLGCs and one pressurized LPG vessel. In addition, Dorian LPG now has 19 ECO VLGC newbuildings under construction. Dorian LPG has offices in Connecticut, USA, London, United Kingdom and Piraeus, Greece.

Investor Contacts:

Dorian LPG Ltd. 
Marina Hadjipateras 
or  
Ted Young, CFO 
[1] 203-978-1234

or

MTI Network 
Jim Lawrence 
[1] 203 550 2621

SOURCE Dorian LPG Ltd.



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