Star Bulk Carriers Corp. Announces Closing of Secondary Public Offering of 5,000,000 Common Shares
June 29 2018 - 4:05PM
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”)
(Nasdaq:SBLK) today announced the closing of the previously
announced secondary public offering of 5,000,000 of the Company’s
common shares by a fund affiliated with Oaktree Capital Management,
L.P. (the “Selling Shareholder”) at a price to the public of $13.10
per share. Following the offering, the funds affiliated with
Oaktree Capital Management, L.P. beneficially own approximately 43%
of the Company’s common shares. The Company did not sell any common
shares and did not receive any proceeds from the offering.
Morgan Stanley acted as book-running manager for
the offering. The offering was made only by means of a prospectus
supplement and accompanying base prospectus related to the
offering, copies of which may be obtained from Morgan Stanley, 180
Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus
Department.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein and there shall not be any sale of these
securities in any state or other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. A shelf registration statement relating to the
offering of the common stock was filed with the U.S. Securities and
Exchange Commission and is effective.
About Star Bulk
Star Bulk is a global shipping company providing
worldwide seaborne transportation solutions in the dry bulk sector.
Star Bulk’s vessels transport major bulks, which include iron ore,
coal and grain, and minor bulks, which include bauxite, fertilizers
and steel products. Star Bulk was incorporated in the Marshall
Islands on December 13, 2006 and maintains executive offices in
Athens, Greece. Its common stock trades on the Nasdaq Global Select
Market under the symbol “SBLK”. On a fully delivered basis, Star
Bulk will have a fleet of 108 vessels, with an aggregate capacity
of 12.26 million dwt, consisting of 17 Newcastlemax, 18 Capesize, 2
Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 16 Ultramax
and 11 Supramax vessels with carrying capacities between 52,055 dwt
and 209,537 dwt.
Forward-Looking Statements
The Private Securities Matters discussed in this
press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other
than statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, examination by the Company’s management of historical
operating trends, data contained in its records and other data
available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values, the strength of world economies the stability of Europe and
the Euro, fluctuations in interest rates and foreign exchange
rates, changes in demand in the dry bulk shipping industry,
including the market for our vessels, changes in our operating
expenses, including bunker prices, dry docking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the availability of financing and
refinancing, our ability to meet requirements for additional
capital and financing to grow our business, the impact of the level
of our indebtedness and the restrictions in our debt agreements,
vessel breakdowns and instances of off‐hire, risks associated with
vessel construction, potential exposure or loss from investment in
derivative instruments, potential conflicts of interest involving
our Chief Executive Officer, his family and other members of our
senior management, and our ability to complete acquisition
transactions, including the acquisitions of vessels from Songa Bulk
ASA, Oceanbulk Container Carriers LLC and Augustea Atlantica SpA,
as planned. Please see our filings with the Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties. The information set forth herein
speaks only as of the date hereof, and the Company disclaims any
intention or obligation to update any forward‐looking statements as
a result of developments occurring after the date of this
communication.
Contacts:
Company:Simos Spyrou, Christos
Beglerisco - Chief Financial OfficersStar Bulk Carriers Corp.c/o
Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124
Athens, GreeceEmail: info@starbulk.com
Investor Relations / Financial
Media: Nicolas Bornozis President Capital Link, Inc. 230
Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566
E-mail: starbulk@capitallink.com
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