ATHENS, GREECE â April 25, 2013 â StealthGas Inc. (the âCompanyâ) (NASDAQ: GASS) announced today the pricing of its previously announced public offering of common stock.Â The Company increased the size of the offering from 8,000,000 shares to 10,000,000 shares.Â The shares will be sold at a price to the public of $10.00 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are $100,000,000.Â An entity controlled by the family of the Companyâs President and Chief Executive Officer has agreed to purchase 500,000 of the shares sold in the offering.Â The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.Â
The Company intends to use a portion of the net proceeds of the offering to partially fund the acquisition of five vessels, including three secondhand LPG carriers and two newbuilding LPG carriers, which are scheduled for delivery in May 2013 in the case of the three secondhand LPG carriers, and during the first half of 2014 in the case of the two newbuilding LPG carriers.Â The Company intends to use the remaining net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes.
Wells Fargo Securities and Deutsche Bank Securities are acting as joint book-running managers and Global Hunter Securities, Clarkson Capital Markets and Evercore Partners are acting as co-managers for this offering, which is being made under an effective shelf registration statement.
The offering is expected to close on or about April 30, 2013.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About StealthGas Inc.
Headquartered in Athens, Greece, StealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (âLPGâ) sector of the international shipping industry. StealthGas Inc. currently has a fleet of 33 LPG carriers with a total capacity of 161,822 cubic meters, three medium range product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons. The Company has agreed to acquire nine LPG carriers, with expected deliveries in 2013, 2014 and 2015. Once the acquisition of the nine LPG carriers is completed and the vessels are delivered, StealthGas Inc.âs LPG carrier fleet will be composed of 42 LPG carriers with a total capacity of 211,222 cubic meters. StealthGas Inc.âs shares are listed on the NASDAQ Global Select Market and trade under the symbol âGASS.â
This press release contains âforward-looking statements.â In some cases, you can identify these statements by forward-looking words such as âbelieve,â âintend,â âanticipate,â âestimate,â âproject,â âforecast,â âplan,â âpotential,â âmay,â âshould,â âcouldâ and âexpectâ and similar expressions. These statements are not historical facts but instead represent only the Companyâs belief regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Companyâs Annual Report on Form 20-F (File No. 001-51559) under the caption âRisk Factors.â
Chief Financial Officer