By Devika Patel
Knoxville, Tenn., July 24 - OceanFreight Inc. arranged a $450 million three-year equity line with YA Global Master SPV Ltd., according to a 6-K filed Friday with the Securities and Exchange Commission.
The shares will be sold in $25 million tranches at 98.5% of the market price of the company's shares
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: | Common stock
|
| Amount: | $450 million
|
| Tenor: | Three years
|
| Price: | 98.5% of the market price
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Pricing date: | July 24
|
| Stock symbol: | Nasdaq: OCNF
|
| Stock price: | $1.35 at close July 24
|
| Market capitalization: | $122 million
|
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