Eagle Bulk Shipping, Inc. Announces Exercise of Over-Allotment Optiontitle
NEW YORK, Nov. 17 /PRNewswire-FirstCall/ -- Eagle Bulk Shipping Inc.
(Nasdaq: EGLE) today announced that the underwriters of its follow-on offering
of 5,500,000 common shares completed on November 2, 2005 exercised in full the
over-allotment option granted to the underwriters by the Company and the
Companys principal stockholder, Eagle Ventures LLC. As a result of the
over-allotment exercise, the Company will sell 500,000 shares of its common
stock and Eagle Ventures LLC will sell 325,000 shares of the Companys common
stock at $14.50 per share. The Company will not receive any of the proceeds
from the sale of shares by Eagle Ventures LLC.
The Companys follow-on offering was managed by UBS Investment Bank LLC
and Bear, Stearns & Co., Inc. acting as joint bookrunning managers.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered
in New York City that owns and operates Handymax dry bulk vessels, which are
dry bulk vessels that range in size from 35,000 to 60,000 deadweight tons, or
dwt, and that transports major and minor bulk cargoes, including iron ore,
coal, grain, cement and fertilizer, along worldwide shipping routes. The
Company currently owns and operates 12 Handymax dry bulk vessels and has
agreed to purchase one additional Handymax dry bulk vessel.
Investor Contact Media Contact
Alan Ginsberg Jon Morgan
Chief Financial Officer Kekst & Company
212-785-2500 212-521-4800
