Dorian LPG Ltd. Completes Successful Subscription for $250 Million Equity
STAMFORD, Conn., Nov. 4, 2013
STAMFORD, Conn., Nov. 4, 2013 /PRNewswire/ --Dorian LPG Ltd. (NOTC: Dorian
LPG) ("Dorian LPG" or the "Company") is pleased to announce that it has
successfully completed a subscription for its private placement of 80,405,405
shares to Norwegian and international institutional investors at a price of
NOK 18.50, representing approximately $250 million in proceeds (the "Private
Placement"). The Private Placement follows a week after the announcement that
Dorian LPG entered into an agreement with Scorpio Tankers Inc. (NYSE: STNG)
("Scorpio Tankers") to acquire Scorpio Tankers' fleet of 11 Very Large Gas
Carrier ("VLGC") newbuildings and an option to build two additional VLGCs (the
"Transaction").The Private Placement is expected to close on November 14,
2013, subject to satisfaction of certain customary closing conditions and the
completion of the Transaction.Upon closing of the Private Placement, the
Company will have 213,579,150 shares issued and outstanding.
(Logo: http://photos.prnewswire.com/prnh/20130730/NY55929LOGO )
The Company plans to use the proceeds from the Private Placement to part
finance a series of VLGC newbuildings and for general corporate purposes.
Pareto Securities AS acted as Global Coordinator with Arctic Securities ASA,
DNB Markets, and Fearnley Securities AS, as Joint Lead Managers.
About Dorian LPG Ltd.
Dorian LPG is a pure-play LPG shipping company and a leading owner and
operator of modern VLGCs. Dorian LPG currently has three modern VLGCs and one
pressurized LPG vessel. Dorian LPG has ordered three fuel-efficient VLGC
newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in the
third and fourth quarters of 2014. On October 28, 2013, Dorian LPG announced
its agreement to acquire all 11 of Scorpio Tanker's VLGC newbuilding contracts
and two VLGC options. After conclusion of the Transaction, Dorian LPG expects
to have 14 firm ECO VLGC newbuildings and 5 option ECO VLGCs at Hyundai Heavy
Industries Group ("HHI") and Daewoo Shipping and Marine Engineering Ltd.
Dorian LPG has offices in Connecticut, USA; London, United Kingdom and
Piraeus, Greece. Additional information about the Company can be found on the
Company's website: www.dorianlpg.com.
For additional information, contact:
Marina Hadjipateras; Investor Relations: Tel.: +1 (203) 978-1234 / Mob.:
Ted Young, CFO: Tel: +1 (203) 978-1234
SOURCE Dorian LPG Ltd.
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