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StealthGas Prices Upcoming Share Issue

By Eric Volkman - Apr 25, 2013 at 4:00PM

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The company boosts the volume of the flotation, which will hit the market at $10.00 per share.

StealthGas (GASS -2.79%) has ambitions to raise $100 million from the capital markets. The company put a price tag on its upcoming public share flotation, and upped the volume in the process -- 10 million shares are to be sold, as opposed to the originally planned 8 million, and they will be priced at $10.00 apiece.

"An entity controlled" by the family of CEO Harry Vafias has pledged to buy 500,000 of the issued shares, and the company's underwriters have been granted a 30-day purchase option for up to an additional 1.5 million shares.

StealthGas said it plans to use some of the proceeds of the issue to purchase five vessels for its fleet, three to be delivered in May, and two in the first half of next year. The remaining monies will be utilized for capital expenditures and "other general corporate purposes."

The Securities units of Wells Fargo and Deutsche Bank are the joint book-running managers of the issue.

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