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Eagle Bulk Shipping Inc. Announces Common Stock Offering and Concurrent Registered Direct Offering

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced the pricing of its public offering of common stock and its concurrent registered direct offering. The offerings are being made pursuant to the Company’s registration statement (including a prospectus and related prospectus supplements for the offerings). The Company agreed to sell 290,055 shares of its common stock to the underwriters in the underwritten public offering and 1,091,160 shares of its common stock to certain funds and accounts for which GoldenTree Asset Management LP, an investment manager of current shareholders of the Company, serves as investment manager, in the concurrent registered direct offering, each at a public offering price of $18.10 per share. Total gross proceeds from the offerings will be approximately $25 million. The offerings are expected to close on December 22, 2020, each subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offerings to finance the acquisition of modern Ultramax vessels and/or general corporate purposes.

In connection with the underwritten public offering, the Company granted the underwriters a 30-day option to purchase 32,890 additional shares of the Company’s common stock.

DNB Markets, Inc., and Fearnley Securities are acting as joint book runners for the underwritten public offering.

The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”). The offerings were made only by means of prospectus supplements and an accompanying prospectus. Copies of the prospectus supplements and accompanying prospectus were filed with the SEC and are available on the SEC’s website, www.sec.gov. Alternatively, copies of the prospectus supplement relating to the underwritten public offering and accompanying prospectus may be obtained from DNB Markets, Inc., Attention: Legal Department 200 Park Avenue, 31st Floor, New York, NY 10166 or Fearnley Securities, Inc., 880 Third Avenue, 16th Floor, New York, New York 10022, Attention: Legal Department.
Source: Eagle Bulk Shipping Inc.

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