International Shipholding Corporation 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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