ATHENS: NYSE-listed Scorpio Bulkers is planning a share offering in which it will sell $200m of its common stock to fund installment payments for its newbuilding programme.
The exact number of shares to be sold in the offering has not been disclosed, but would be roughly 100m shares based on the stock’s current share price. The company has 180.47m shares outstanding. Scorpio Bulkers’ stock began trading yesterday at $2.38 per share yesterday but closed at $2.175 per share subsequent to the offering being announced.
“Any net proceeds of the offering not used for installment payments are expected to be used for general corporate purposes and working capital,” said Monaco-based company, which has 63 vessels under construction.
