New York-listed Eagle Bulk Shipping has tapped private investors for a fresh $100m in equity, finance source tell TradeWinds.
The Stamford-based bulker company has completed a private placement led by investment bank Fearnley Securities in a deal that is said to have tapped both existing and new investors, the sources said.
Eagle representatives could not be reached for comment. After TradeWinds first reported the deal today, Eagle Bulk confirmed that it had sold 22.2 million shares at $4.50 apiece.
It is the second private raise Eagle and Fearnley have executed since July, when the Gary Vogel-led company was able to rake in $85m in a deal pitched as leading to fleet expansion and renewal.
Though this week’s deal was described as serving “general corporate purposes,” it is thought that Eagle is once again eyeing bulker assets at low-cycle prices.
Following the previous raise, Eagle moved in November to purchase the 61,000-dwt Port Belavista at $18.8m — its first acquisition since 2010.
Eagle earlier this year completed a financial restructuring and recapitalisation that allowed the company significant relief from debt obligations and liquidity “runway” toward an eventual recovery of the depressed dry market.
