International Shipholding greenshoe exercised in full, lifts 9% preferreds to $31.63 million

By Marisa Wong

Madison, Wis., Aug. 1 - International Shipholding Corp. announced that the underwriters of its recent offering of 9% series B cumulative redeemable perpetual preferred stock exercised in full their over-allotment option for an additional $4,125,000. The $31.63 million sale closed on Thursday with net proceeds totaling $30.2 million, according to a company press release.

The company priced the original $27.5 million of preferreds on July 25 at par of $100.00. The offering was previously upsized from $20 million.

Incapital LLC was the structuring agent for the offering. The bookrunners were Incapital, DNB Markets, Inc. and Sterne, Agee & Leach, Inc.

Proceeds will be used for working capital and other general corporate purposes. That may include repaying debt and financing some vessel investments.

The Mobile, Ala.-based company has applied to list the new securities on the New York Stock Exchange under the symbol "ISH.PRB." The shares are expected to be listed on Friday.

International Shipholding operates a fleet of U.S. and international flag vessels that provide maritime transportation services under commercial and governmental contracts.

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