Home / Shipping News / International Shipping News / Eneti Inc. Announces Pricing of Public Offering of Common Shares

Eneti Inc. Announces Pricing of Public Offering of Common Shares

Eneti Inc. announced that it has priced its previously announced underwritten public offering (the “Offering”) of 19,444,444 shares of its common stock, par value $0.01 per share (the “Common Shares”), at $9.00 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 2,916,667 Common Shares. The Offering will result in gross proceeds to the Company of approximately $175.0 million (or approximately $201.2 million if the underwriters’ option to purchase additional Common Shares is exercised in full) prior to deducting underwriting discounts, commissions and other offering expenses. As part of the Offering, Scorpio Holdings Limited, a related party of the Company, has agreed to purchase 3,666,666 Common Shares at the public offering price. In addition, Robert Bugbee (the Company’s President) and a non-executive director have agreed to purchase 222,222 and 11,111 Common Shares, respectively, at the public offering price.

The Offering is expected to close on November 15, 2021. The net proceeds of the Offering are expected to be used for general corporate purposes, including the funding of the Company’s wind turbine installation vessel newbuilding program consisting of one contracted newbuilding vessel, one optional newbuilding vessel and one proposed Jones Act compliant newbuilding vessel.

Citigroup, DNB Markets, BTIG and Nomura are acting as Joint Book-Runners in the Offering. Clarksons Platou Securities, Fearnley Securities and Kepler Cheuvreux are acting as Co-Managers in the Offering. Kepler Cheuvreux is not a broker-dealer registered with the U.S. Securities and Exchange Commission (the “SEC”) and therefore may not make sales of any shares in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations.

The Company’s Common Shares trade on the New York Stock Exchange under the symbol “NETI.”
Source: Eneti

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping