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Monaco - June 10, 2015 Scorpio Bulkers Inc. (NYSE: SALT) (the "Company") announced today that it has priced its previously announced underwritten public offering (the "Offering") of 133,000,000 shares of common stock, par value $0.01 per share ("Common Shares") at $1.50 per share. Scorpio Services Holdings Limited and certain of our executive officers have agreed to purchase an aggregate of 10,000,000 Common Shares at the public offering price. The Offering is expected to close on June 16, 2015. All or substantially all of the net proceeds of the Offering are expected to be used to fund installment payments due under the Company's Newbuilding Program. Any net proceeds of the Offering not used for installment payments are expected to be used for general corporate purposes and working capital. The Company has granted the underwriters a 30-day option to purchase up to an additional 19,950,000 Common Shares. Deutsche Bank Securities Inc. and Clarksons Platou Securities AS are acting as joint bookrunners, Evercore ISI and Stifel are acting as co-lead managers and ABN AMRO, Credit Agricole CIB and Clarksons Platou Securities Inc. are acting as co-managers in this offering. Scorpio Bulkers Inc. Announces Public Offering of Common Shares Monaco - June 09, 2015 Scorpio Bulkers Inc. (NYSE: SALT) (the "Company") announced today that it intends to offer, issue and sell to the public up to $200 million of its common stock, par value $0.01 per share (the "Common Shares"), through an underwritten public offering (the "Offering"). All or substantially all of the net proceeds of the Offering are expected to be used to fund installment payments due under the Company's Newbuilding Program. Any net proceeds of the Offering not used for installment payments are expected to be used for general corporate purposes and working capital. As part of this offering, the underwriters have reserved for sale up to $15 million of Common Shares to Scorpio Services Holdings Limited and certain executive officers of the Company at the public offering price. The Company also intends to grant the underwriters a 30-day option to purchase up to an additional $30 million of Common Shares. Deutsche Bank Securities Inc. and Clarksons Platou Securities AS are acting as joint bookrunners, Evercore ISI and Stifel are acting as co-lead managers and ABN AMRO, Credit Agricole CIB and Clarksons Platou Securities Inc. are acting as co-managers in this offering. The Common Shares trade on the New York Stock Exchange under the symbol "SALT." This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other 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 other jurisdiction. This offering is being made only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering will be filed with the U.S. Securities and Exchange Commission (the "SEC") and will be available on the SEC's website located at www.sec.gov. When available, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained from Deutsche Bank Securities Inc. Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2386, telephone (800) 503-4611 or email: prospectus.cpdg@db.com; or from Clarksons Platou Securities Inc., 410 Park Avenue, Suite 710, New York, NY 10022, Attention: Raquel Lucas (or by e-mail at officeNY@platou.com). About Scorpio Bulkers Inc. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. currently owns nine vessels, consisting of two Capesize, three Kamsarmax vessels and four Ultramax vessels. The Company also time charters-in 13 dry bulk vessels (one Handymax, one Ultramax, three Supramax, two Panamax, three Kamsarmax and three Post-Panamax vessels) and, after giving effect to the previously announced sales of newbuilding contracts, has contracted for 51 dry bulk vessels consisting of 24 Ultramax, 18 Kamsarmax, and nine Capesize vessels, from shipyards in Japan, South Korea, and China. Upon final delivery of all of the vessels the owned fleet is expected to have a total carrying capacity of approximately 5.4 million deadweight tonnes. Additional information about the Company is available on the Company's website www.scorpiobulkers.com, which is not a part of this press release. Scorpio Bulkers Inc. press release |
