Dry bulk shipping magnate Baltic Trading (NYSE: BALT ) has completed a secondary offering of 6.42 million new shares, which includes the underwriter's option to purchase up to 837,289 shares of common stock.
Baltic realized approximately $23.1 million in gross proceeds from the offering, it said Tuesday, and intends to use the net proceeds to purchase additional shipping vessels as well as for working capital and general corporate purposes. Jeffries served as the sole book-running manager for the offering.
Baltic Trading, which operates in the spot market, has a fleet that consists of two Capesize vessels, four Supramaxes, and three Handysizes. The company had about 23 million shares outstanding as of early May.