By Devika Patel
Knoxville, Tenn., Feb. 2 - OceanFreight Inc. arranged a $147.89 million equity line with YA Global Master SPV Ltd., according to a 424(B)(2) filed Monday with the Securities and Exchange Commission.
The company has already sold 4 million shares to YA Global, from which it netted $50.9 million. It is under no obligation to sell further shares.
The shares will be sold at 98.5% of the dollar volume weighted average price of the company's shares on the settlement date.
Proceeds will be used to repay debt, for capital expenditures, working capital, to make vessel acquisitions, for general corporate purposes and, if needed, to enhance liquidity and assist with loan covenants.
OceanFreight is an Athens, Greece-based development-stage company. Its fleet consists of nine secondhand drybulk carriers that mainly transport iron ore, coal, grains, minerals and fertilizers and two secondhand tanker vessels that transport crude oil.
| Issuer: | OceanFreight Inc.
|
| Issue: | Equity line
|
| Amount: | $147,885,850
|
| Price: | 98.5% of the share price on settlement date
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Pricing date: | Feb. 2
|
| Stock symbol: | Nasdaq: OCNF
|
| Stock price: | $3.52 at close Jan. 30
|
| Market capitalization: | $54.7 million
|
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