StealthGas Inc. Announces Closing of Its Public Offering of Common Stock
ATHENS, Greece, April 30, 2013 (GLOBE NEWSWIRE) -- StealthGas Inc. (the
"Company") (Nasdaq:GASS) announced today the closing of its previously
announced public offering of 10,000,000 shares of common stock. In addition,
the underwriters exercised their option to purchase an additional 1,500,000
shares of common stock in full, bringing the total number of shares sold in
the offering to 11,500,000 shares. In each case, the shares were sold at a
public offering price of $10.00 per share. The total gross proceeds from the
offering before the underwriting discount and other offering expenses are
$115,000,000. An entity controlled by the family of the Company's President
and Chief Executive Officer has agreed to purchase 575,000 of the shares sold
in the offering.
The Company intends to use a portion of the net proceeds of the offering to
partially fund the acquisition of five vessels, including three secondhand LPG
carriers and two newbuilding LPG carriers, which are scheduled for delivery in
May 2013 in the case of the three secondhand LPG carriers, and during the
first half of 2014 in the case of the two newbuilding LPG carriers. The
Company intends to use the remaining net proceeds of the offering for capital
expenditures, including vessel acquisitions, and for other general corporate
Wells Fargo Securities and Deutsche Bank Securities acted as joint
book-running managers, and Global Hunter Securities, Clarkson Capital Markets
and Evercore Partners acted as co-managers for the offering, which was made
under an effective shelf registration statement.
The offering was made by means of a prospectus supplement and accompanying
base prospectus. The prospectus supplement and base prospectus relating to the
offering were filed with the Securities and Exchange Commission ("SEC") and
are available at the SEC's website at http://www.sec.gov, and may be obtained
from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152, or by calling (800) 326-5897 or by email at
firstname.lastname@example.org and Deutsche Bank Securities, Attention:
Prospectus Group, 60 Wall Street, New York, New York 10005-2836 (telephone:
This press release shall not constitute an offer to sell, or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any such
About StealthGas Inc.
Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company
primarily serving the liquefied petroleum gas ("LPG") sector of the
international shipping industry. StealthGas Inc. currently has a fleet of 33
LPG carriers with a total capacity of 161,822 cubic meters, three medium range
product tankers and one Aframax oil tanker with a total capacity of 255,804
deadweight tons. The Company has agreed to acquire nine LPG carriers, with
expected deliveries in 2013, 2014 and 2015. Once the acquisition of the nine
LPG carriers is completed and the vessels are delivered, StealthGas Inc.'s LPG
carrier fleet will be composed of 42 LPG carriers with a total capacity of
211,222 cubic meters. StealthGas Inc.'s shares are listed on the NASDAQ Global
Select Market and trade under the symbol "GASS."
This press release contains "forward-looking statements." In some cases, you
can identify these statements by forward-looking words such as "believe,"
"intend," "anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "could" and "expect" and similar expressions.
These statements are not historical facts but instead represent only the
Company's belief regarding future results, many of which, by their nature, are
inherently uncertain and outside of the Company's control. It is possible that
actual results may differ, possibly materially, from those anticipated in
these forward-looking statements. For a discussion of some of the risks and
important factors that could affect future results, see the discussion in the
Company's Annual Report on Form 20-F (File No. 001-51559) under the caption
CONTACT: Konstantinos Sistovaris
Chief Financial Officer
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