Baltic Trading Completes Secondary Offering of 6.4 Million Shares

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.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2458376, ~/Articles/ArticleHandler.aspx, 4/24/2014 1:12:55 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...