International Shipholding Corporation Announces Closing of Public Offering
of $25 Million of its 9.50% Series A Cumulative Redeemable Perpetual
MOBILE, Ala. -- February 21, 2013
International Shipholding Corporation (NYSE: ISH) today announced the closing
of its previously-announced sale of $25 million of its Series A Cumulative
Redeemable Perpetual Preferred Stock (the “Series A Preferred Shares”) at $100
per share. Dividends will be payable on the Series A Preferred Shares at an
initial rate of 9.50% per annum of the stated liquidation preference when, as
and if declared by ISH’s board of directors. The Company received net proceeds
from the offering of $23.750 million after deducting underwriting discounts
but excluding other related expenses.
ISH intends to use the net proceeds from the offering for general corporate
purposes, including working capital and the reactivation of a tug-barge unit
which is scheduled to be deployed in April.
The Company is currently completing the application process to list the Series
A Preferred Shares on the NYSE under the symbol “ISHPRA”. The shares are
expected to be listed by Monday, February 25.
Incapital LLC and DNB Markets, Inc. acted as joint book-running managers and
Incapital LLC was the sole structuring agent for the offering.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy the securities described herein, nor shall there be any sale
of these securities in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful. Any offers of the Series A Preferred
Shares described in this press release will be made exclusively by means of
the Company’s prospectus supplement dated February 14, 2013, and accompanying
base prospectus, which relate to ISH’s effective shelf registration statement.
About International Shipholding Corporation
International Shipholding Corporation, through its subsidiaries, operates a
diversified fleet of U.S. and International Flag vessels that provide
worldwide and domestic maritime transportation services to commercial and
governmental customers primarily under medium to long-term charters and
For more information about the company, please visit www.intship.com.
Forward Looking Statements
Except for the historical and factual information contained herein, the
matters set forth in this release, including statements regarding the terms of
the offering, the anticipated use of the proceeds therefrom and other
statements identified by words such as “expects,” “will,” “intends,” and
similar expressions are forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to a number of risks and
uncertainties that may cause actual events and results to differ materially
from those anticipated, estimated or projected if one or more of these risks
or uncertainties materialize, or if underlying assumptions prove incorrect.
Factors that could affect actual results include but are not limited to:
changes in our cash requirements or financial position; unforeseen delays in
the NYSE listing process; changes in general market, economic, regulatory or
industry conditions; and other risks referenced from time to time in our
filings with the Securities and Exchange Commission. You should be aware that
new factors may emerge from time to time and it is not possible for us to
identify all such factors, nor can we predict the impact of each such factor
on our plans, or the extent to which any one or more factors may cause actual
results to differ from those reflected in any of our forward-looking
statements. Accordingly, you are cautioned not to place undue reliance upon
any of our forward-looking statements, which speak only as of the date made.
We undertake no obligation to update or revise for any reason any
forward-looking statements made by us or on our behalf, whether as a result of
new information, future events or developments, changed circumstances or
The IGB Group
David Burke, 646-673-9701
Leon Berman, 212-477-8438
Niels M. Johnsen, Chairman 212-943-4141
Erik L. Johnsen, President 251-243-9221
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