ATHENS, GREECE--(Marketwire - March 11, 2010) - Crude Carriers Corp. announced today that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments.
Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40 million capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading Corp. at a price of $71.25 million and two newbuilt very large crude carrier ("VLCC") tankers for $96.5 million each upon their delivery from the yard. The company's common shares will trade on The New York Stock Exchange under the symbol "CRU".
UBS Investment Bank, BofA Merrill Lynch and Wells Fargo Securities acted as joint book-running managers of the offering and as representatives of the underwriters, including Nordea Markets, Oppenheimer & Co., Cantor Fitzgerald & Co., Pareto Securities, RS Platou Markets and ING.
The Company has filed a registration statement (including a prospectus) with the SEC for its initial public offering of common shares, which the SEC has declared effective on March 11, 2010. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
A copy of the final prospectus may be obtained, when available, from UBS Investment Bank, 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department; phone: (888) 827-7275 or BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department; email: prospectus.requests@ml.com or Wells Fargo Securities, Attention: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152; email: equity.syndicate@wachovia.com; phone: (800) 326-5897.
Forward Looking Statement
This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements with respect to the proposed offering and are based on management's current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) conditions in the United States capital markets; (ii) conditions affecting the crude spot market and the crude market generally; (iii) the ability of Crude Carriers Corp. to complete its acquisition of its initial fleet of vessels; and other factors listed from time to time under "Risk Factors" and other sections of our public filings with the SEC including, without limitation, Crude Carriers Corp.'s registration statement on Form F-1.
About Crude Carriers Corp.
Crude Carriers Corp., a newly formed Marshall Islands corporation, focuses on maritime transportation of crude oil cargoes. The company's common shares will trade on The New York Stock Exchange under the symbol "CRU".
Contact Information:
For further information please contact:
Company contacts:
Ioannis Lazaridis, President
+30 (210) 4584 950
i.lazaridis@crudecarrierscorp.com
Jerry Kalogiratos, CFO
+30 (210) 4584 950
j.kalogiratos@crudecarrierscorp.com
Investor Relations / Media:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10160, USA
Tel: (212) 661-7566
Fax: (212) 661-7526
E-mail: crudecarriers@capitallink.com
www.capitallink.com