Navigator Holdings Ltd. Prices Upsized Initial Public Offering

LONDON, November 21, 2013 /PRNewswire/ --

Navigator Holdings Ltd. ("Navigator") today announced the pricing of its initial public offering of 12,000,000 shares of its common stock at $19.00 per share.  Navigator is offering 9,030,000 shares of common stock and certain selling shareholders are offering 2,970,000 shares of common stock.  The shares are expected to begin trading on the New York Stock Exchange on November 21, 2013 under the ticker symbol "NVGS."  The selling shareholders named in the registration statement have granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock.  The offering is expected to close on November 26, 2013, subject to customary closing conditions.

Navigator expects to receive net proceeds of approximately $156.4 million from the offering and intends to use such proceeds to fund the equity portion, or approximately $72.7 million, due under its purchase obligations for certain newbuilding vessels to be delivered in 2015 and the remainder for general corporate purposes, including if Navigator elects to exercise its option to purchase an additional newbuilding vessel, to fund $17.6 million of the approximately $44.0 million required to purchase such option vessel.  Navigator will not receive any of the proceeds from the sale of shares of Navigator's common stock by the selling shareholders.

Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, and Evercore Group L.L.C., Fearnley Securities AS, Global Hunter Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as co-managers for the offering.  

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This offering will be made only by means of a written prospectus forming part of the effective registration statement.  A copy of the prospectus meeting the requirements of Section 10 of the Securities Act of 1933, may be obtained, when available, from:

Jefferies LLC

520 Madison Avenue, New York, NY 10022, Attention: Equity Syndicate Prospectus Department or by calling +1-877-547-6340 or by e-mail at [email protected].

Morgan Stanley & Co. LLC

180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

You may also get a copy of the prospectus for free by visiting the SEC's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release may include forward-looking statements.  These forward-looking statements involve risks and uncertainties.  When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Navigator's prospectus and SEC filings.  Navigator undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  

SOURCE Navigator Holdings Ltd