Klaveness Combination Carriers (KCC) is to launch a private placement of its shares to raise cash to pay for up to two of its newbuilding options.
The owner of combination carriers hopes to raise between NOK 200m and NOK 400m ($23m to $46m) in new equity by issuing new stock, which will be listed on the Oslo Stock Exchange by the end of May.
The cash raised will fund the equity portion of up to two newbuilding options KCC has at China’s Jiangsu New Yangzi Shipbuilding shipyard.
The shipowner has a series of six Cleanbu combination carriers under construction at the yard, of which two have already been delivered.
Placement details
KCC said it expects the placement to raise a number of new shares equivalent to between 10.4% and 20.8% of its total outstanding issued shares, excluding over-allotment options.
The new shares will be offered at a fixed price of NOK 47.50 per share, which gives KCC a pre-money equity value of NOK 1.924bn ($223m).
The offering’s joint-bookrunners – ABG Sundal Collier, Clarksons Platou Securities and SEB Corporate Finance – have the option to over-allot a number of additional new shares, equivalent to up to 15% of the securities issued in the placement.
The application period for the placement commences when markets open in Oslo on Monday 6 May and will end at 14:00 local time on Tuesday 14 May.
The placement’s minimum application and allocation amount is the NOK equivalent of EUR 100,000 (NOK 976,829.40), with smaller amounts allocated at KCC’s discretion.
Once the application period is completed, KCC and the placement’s joint global coordinators will decide the final number of new shares that will be issued.
The shares will then be listed on the Oslo Stock Exchange and/or Oslo Axess on or around Wednesday 22 May.
