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Athens, Greece - May 18, 2015
Star Bulk Carriers Corp. (NASDAQ:SBLK) (“Star Bulk” or “Company”) announced today the closing of its previously announced public offering of 56,250,000 common shares (the “Shares”), at a price of $3.20 per share. The aggregate proceeds to Star Bulk, net of placement agent fees and offering expenses, were approximately $176.0 million. Star Bulk intends to use the net proceeds for general corporate purposes. These general corporate purposes may include, among others things, additions to Star Bulk’s working capital, capital expenditures (which includes payments under Star Bulk’s newbuilding program), repayment of debt or the financing of possible acquisitions and investments.
Oaktree Capital Management, L.P. (“Oaktree”), advisory clients of Monarch Alternative Capital LP (“Monarch”) and entities affiliated with the family of Mr. Petros Pappas, our Chief Executive Officer (the “Pappas Affiliates”), which are some of the Star Bulk’s significant shareholders, purchased approximately 21,562,500 of the common shares in this offering. On an as-adjusted basis, giving effect to this offering and assuming all 29,917,312 common shares comprising the share consideration issued to Excel Maritime Carriers Ltd. (“Excel”), pursuant to the vessel purchase agreement previously announced in August 2014, are distributed by Excel to its equity holders, each of Oaktree, Monarch and the Pappas Affiliates would beneficially own approximately 52.5 %, 5.2 % and 5.8 %, respectively, of our outstanding common shares.
Clarksons Platou Securities and DVB Capital Markets acted as book-running managers for the offering. ABN AMRO, BNP PARIBAS, Credit Agricole CIB and SEB acted as co-managers.
Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Clarksons Platou Securities, Inc. Attention: Raquel Lucas, 410 Park Avenue, Suite 710, New York, NY 10022, or office@platou.com, or by calling toll-free 1-855 864 2265.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein and there shall not be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission and is effective.
Star Bulk Carriers Corp. announces upsizing & pricing of primary public offering of 56,250,000 common shares
Athens, Greece - May 13, 2015
Star Bulk Carriers Corp. (NASDAQ:SBLK) (“Star Bulk” or “Company”) announced today that it has priced its registered direct public offering of 56,250,000 of its common shares at a price of $3.20 per share. The offering is expected to close on May 18, 2015, subject to customary conditions. Star Bulk intends to use the net proceeds from the offering for its newbuilding program and general corporate purposes including additions to working capital, capital expenditures, repayment of debt or the financing of possible acquisitions and investments.
Oaktree Capital Management, L.P. (“Oaktree”), Monarch Alternative Capital, L.P. (“Monarch”) and entities affiliated with the family of Mr. Petros Pappas, our Chief Executive Officer (the “Pappas Affiliates”), which are three of the Star Bulk’s significant shareholders, are expected to purchase approximately 21,562,500 of the common shares in this offering. On an as-adjusted basis, giving effect to this offering and assuming all 29,917,312 common shares comprising the share consideration issued to Excel Maritime Carriers Ltd. (“Excel”), pursuant to the vessel purchase agreement by and among the Company, Excel and Christine Shipco Holdings Corp., dated August 19, 2014, are distributed by Excel to its equity holders, Oaktree, Monarch and the Pappas Affiliates would beneficially own approximately 52.5 %, 5.2 % and 5.8 %, respectively, of our outstanding common shares.
Clarksons Platou Securities and DVB Capital Markets are acting as book-running managers for the offering. ABN AMRO, BNP PARIBAS, Credit Agricole CIB and SEB are acting as co-managers.
Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Clarksons Platou Securities, Inc. Attention: Raquel Lucas, 410 Park Avenue, Suite 710, New York, NY 10022, or office@platou.com, or by calling toll-free 1-855 864 2265.
Star Bulk Carriers Corp. announces $150.0 million public offering of common shares
Athens, Greece - May 12, 2015
Star Bulk Carriers Corp. (NASDAQ: SBLK) (“Star Bulk”) announced today that it plans to make a public offering of $150.0 million of its common shares. The Company intends to use the net proceeds from the offering for its newbuilding program and general corporate purposes (including additions to working capital, capital expenditures, repayment of debt or the financing of possible acquisitions and investments).
Oaktree Capital Management, L.P. (“Oaktree”), Monarch Alternative Capital, LP (“Monarch”) and entities affiliated with the family of Mr. Petros Pappas, our Chief Executive Officer (the “Pappas Affiliates”), which are three of Star Bulk’s significant shareholders, have expressed an interest in purchasing a substantial amount of common shares in this offering. While Oaktree, Monarch and the Pappas Affiliates have expressed interest in purchasing common shares in the offering, there can be no assurance that any of them will actually participate in the offering.
Clarksons Platou Securities and DVB Capital Markets will act as book-running managers for the offering. ABN AMRO, BNP PARIBAS, Credit Agricole CIB and SEB will act as co-managers. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Clarksons Platou Securities, Inc. Attention: Raquel Lucas, 410 Park Avenue, Suite 710, New York, NY 10022, or office@platou.com, or by calling toll-free 1-855 864 2265.
There shall not be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A shelf registration statement relating to the offering of the common stock was filed with the U.S. Securities and Exchange Commission and is effective.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK”. On a fully delivered basis, Star Bulk will have a fleet of 97 vessels, with an aggregate capacity of 11.3 million dwt, consisting of Newcastlemax, Capesize, Kamsarmax, Panamax, Post Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,588 dwt and 209,000 dwt. Our fleet currently includes 70 operating vessels and 27 newbuilding vessels under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2015 and 2016.
Star Bulk Carriers Corp. press release
