Dorian LPG Ltd. Completes Successful Subscription for $250 Million Equity Raise
STAMFORD, Connecticut, Nov. 4, 2013 /PRNewswire/ -- Dorian LPG Ltd. (NOTC: Dorian LPG) ("Dorian LPG" or the "Company") is pleased to announce that it has successfully completed a subscription for its private placement of 80,405,405 shares to Norwegian and international institutional investors at a price of NOK 18.50, representing approximately $250 million in proceeds (the "Private Placement"). The Private Placement follows a week after the announcement that Dorian LPG entered into an agreement with Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers") to acquire Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs (the "Transaction"). The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding.
(Logo: http://photos.prnewswire.com/prnh/20130730/NY55929LOGO )
The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.
Pareto Securities AS acted as Global Coordinator with Arctic Securities ASA, DNB Markets, and Fearnley Securities AS, as Joint Lead Managers.
About Dorian LPG Ltd.
Dorian LPG is a pure-play LPG shipping company and a leading owner and operator of modern VLGCs. Dorian LPG currently has three modern VLGCs and one pressurized LPG vessel. Dorian LPG has ordered three fuel-efficient VLGC newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in the third and fourth quarters of 2014. On October 28, 2013, Dorian LPG announced its agreement to acquire all 11 of Scorpio Tanker's VLGC newbuilding contracts and two VLGC options. After conclusion of the Transaction, Dorian LPG expects to have 14 firm ECO VLGC newbuildings and 5 option ECO VLGCs at Hyundai Heavy Industries Group ("HHI") and Daewoo Shipping and Marine Engineering Ltd. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and Piraeus, Greece. Additional information about the Company can be found on the Company's website: www.dorianlpg.com.
For additional information, contact:
Marina Hadjipateras; Investor Relations: Tel.: +1-203-978-1234 / Mob.: +1-203-722-5087
Or
Ted Young, CFO: Tel: +1-203-978-1234
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