SOURCE: Danaos Corporation

October 05, 2006 18:54 ET

Danaos Corporation Announces Pricing of Initial Public Offering

ATHENS, GREECE -- (MARKET WIRE) -- October 5, 2006 -- Danaos Corporation (NYSE: DAC) announced today that its initial public offering of 10,250,000 shares of common stock was priced at $21.00 per share. Danaos has granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of common stock to cover overallotments, if any. The common stock will trade on the New York Stock Exchange under the symbol "DAC."

Danaos is an international owner of containerships, chartering their vessels to many of the world's largest liner companies. Their current fleet of 27 containerships aggregating 116,115 TEUs makes them among the ten largest containership charter owners in the world, based on total TEU capacity. Furthermore, the company has on order 16 additional containerships aggregating 84,704 with scheduled deliveries up to the end of 2009.

Merrill Lynch & Co. and Citigroup Corporate and Investment Banking served as joint book-running managers of the offering. Dahlman Rose & Company, Jefferies & Company, Fortis Securities LLC and Nomura International served as co-managers.

Proceeds from the offering are expected to be approximately $198.2 million or $228.4 million if the underwriters exercise their overallotment option in full, after deducting the underwriting discounts and commission and the estimated offering expenses. The proceeds from the offering will be used to repay outstanding indebtedness under certain of Danaos' credit facilities.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 5, 2006. This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The common stock offering may be made only by means of a prospectus, copies of which may be obtained by contacting Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080 or Citigroup Corporate and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.

Contact Information

  • For further information please contact:

    Company Contact:

    Dimitri Andritsoyiannis
    Chief Financial Officer
    Danaos Corporation
    Athens, Greece
    Tel: +30 210 419 6481
    E-Mail: cfo@danaos.com

    Iraklis Prokopakis
    Chief Operating Officer
    Danaos Corporation
    Athens, Greece
    Tel. +30 210 419 6400
    E-Mail: coo@danaos.com

    Investor Relations and Financial Media:

    Nicolas Bornozis
    President
    Capital Link, Inc.
    New York
    Tel. 212-661-7566
    E-Mail: nbornozis@capitallink.com