OceanFreight terminates $147.89 million equity line with YA Global

By Devika Patel

Knoxville, Tenn., May 21 - OceanFreight Inc. said it has terminated a $147.89 million equity line with YA Global Master SPV Ltd. The deal was arranged in February.

The company has sold approximately $111.6 million of shares to YA Global through this arrangement.

"Our actions so far have proven our ability to successfully tap the equity markets despite the status of the global economy. Raising approximately $112 million of primary equity has significantly improved our balance sheet and will enable us to take advantage of future growth opportunities. We would like to thank Yorkville Advisors for their assistance," the company's chief executive officer, Anthony Kandylidis, said in a press release.

OceanFreight is an Athens-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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.