[060611.EN.SEA] Diana Plans To Raise US$20 Million In Share Sale To Buy Containerships

DIANA CONTAINERSHIPS, a Marshall Islands corporation with roots in Athens, is conducting a share sale in which it will sell 14 million new common shares to raise US$20 million with the help of a parallel private placement of common shares to its related dry bulk company, Diana Shipping.

NASDAQ-listed Diana Containerships expects to grant the underwriters a 30-day option to purchase up to an additional 2.1 million shares of common stock to cover over-allotments, reports American Shipper. The company estimated the offering price at around $175.3 million based on the high and low sale prices of its common shares.

Diana said the proceeds of the flotation will go primarily for debt servicing to DnB NOR Bank and for acquisition of three containerships in 3,426 to 4,714 TEU range.

Source : HKSG.