International Shipholding Corp. (ISH: Quote) said Thursday that it has priced its $25 million public offering of shares of its Series A Cumulative Redeemable Perpetual Preferred Stock at $100 per share.
The company has granted the underwriters a 30-day option to purchase up to an additional $3.75 million of Series A Preferred Shares on the same terms and conditions.
Dividends will be payable on the Series A Preferred Shares at an initial rate of 9.50% per annum of the stated liquidation preference when, as and if declared by the company's board of directors.
The offering is expected to close on February 21.
The company plans to use the net proceeds from the offering for general corporate purposes, including working capital and potential deployments of currently inactive vessels.
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by RTT Staff Writer
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