International Shipholding Corporation Announces Commencement of $40M Common Stock Offering
International Shipholding Corporation (NYSE: ISH) today announced that it intends, subject to market conditions, to offer and sell up to $40,000,000 of its common shares in an underwritten public offering. ISH further intends to grant the underwriters a 30-day option to purchase additional shares of its common shares to cover over-allotments, if any. The actual amount of shares sold will depend on market conditions.
ISH intends to use the net proceeds from the offering for general corporate purposes including, but not limited to, using a portion of such net proceeds in connection with its pending acquisition of U.S. United Ocean Services, LLC (“UOS”). However, ISH currently expects to fund the UOS acquisition price and related transaction expenses through alternative financing sources.
The underwriters for the offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC, and DNB Markets, Inc. The offering is being made under ISH's shelf registration statement filed with the Securities and Exchange Commission on October 27, 2010. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the shares of common stock described in this press release will be made exclusively by means of a prospectus supplement and an accompanying prospectus.
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