Contact Information: Company Contact: Andrew J. Simmons Chief Financial Officer STEALTHGAS INC. 011-30-210-6250-001 E-mail: simmons@stealthgas.com Investor Relations and Financial Media: Nicolas Bornozis President Capital Link, Inc. New York Tel. 212-661-7566 E-Mail: nbornozis@capitallink.com
StealthGas Inc. Announces Pricing of Follow-On Public Offering
| Source: StealthGas Inc.
ATHENS, GREECE--(Marketwire - July 18, 2007) - STEALTHGAS INC. (NASDAQ : GASS ), a
ship-owning company serving the liquefied petroleum gas (LPG) sector of the
international shipping industry, announced today that its follow-on public
offering of 7,200,000 shares of common stock, representing an increase of
1,200,000 shares from the originally proposed offering size, was priced at
$18.00 per share. In addition, the Company has also granted the
underwriters a 30-day option to purchase up to an additional 1,080,000
shares of common stock to cover over-allotments, if any.
Proceeds from the offering are expected to be approximately $121.8 million
or $140.1 million if the underwriters exercise their over-allotment option
in full, after deducting the underwriting discounts and commission and the
estimated offering expenses. The Company intends to use the net proceeds
of the offering to pay the remaining balance of the purchase price for five
LPG carriers which the Company had previously agreed to acquire, repay
outstanding indebtedness incurred to acquire certain vessels in the
Company's current fleet, and for general corporate purposes.
Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. acted as the
joint bookrunning managers in the offering. Johnson Rice & Company L.L.C.,
Morgan Keegan & Company, Inc., DVB Capital Markets LLC and Scotia Capital
(USA) Inc. acted as co-managers.
A registration statement on Form F-3 relating to these securities was
declared effective by the Securities and Exchange Commission on July 5,
2007. 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.