First Ship Lease Trust has completed its 956 million share fundraiser.
The Singapore-listed shipowner disclosed Tuesday that it had raised $31.48m (SGD 43.03) by selling nearly a billion new units in a non-pronounceable preferential offering first announced last fall.
According to the company, 430 million of those units were valid acceptances with another 526.2 million were excess applications.
Following the offer, sponsor FSL Holdings 868.6 million units, good for 54.5% of the company.
In March, regulators in Singapore signed off on the move under several conditions, including unitholder approval for the offering and confirmation from the audit committee that funds from a bridging loan had been received.
The company owns 14 tankers, including 11 product tankers, and three containerships.
