GoodBulk Ltd completes equity offering & partners with CTM

GoodBulk Ltd completes equity offering & partners with CTM

GoodBulk Ltd completes USD 100 million equity offering

GoodBulk Ltd is pleased to announced that we have successfully completed a USD 100 million equity offering to fund the acquisition of a fleet of five Capesize vessels and one Ultramax vessel from Carras Ltd.. GoodBulk will own a total of nine vessels which will be managed commercially, technically and operationally by C Transport Maritime S.A.M.

 

Below the full press release of GoodBulk’s announcement regarding the completion of its USD 100 million equity offering dated 23rd March.

23 March 2017

GOODBULK LTD. ANNOUNCES COMPLETION OF A USD 100 MILLION EQUITY OFFERING

Angus Paul Appointed to Serve as Independent Director

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda – (March 23, 2017) – GoodBulk Ltd. (“GoodBulk” or the “Company”) today announced the completion of a USD 100 million equity offering (the “Equity Offering”) at USD 11.0 per share. The Equity Offering has been fully subscribed and the proceeds will be used to fund the acquisition of five Capesize vessels and one Ultramax vessel for $97.5 million (the “Acquisition”) from Carras Ltd., an affiliated company of Brentwood Shipping and Trading Inc. (“Brentwood”). The Equity Offering will close on or about March 29, 2017.

“With this transaction GoodBulk meaningfully increases its exposure to the drybulk market at an opportune point in the cycle,” said John Michael Radziwill, chairman of the GoodBulk Board of Directors (the “GoodBulk Board”).

The Company also announced today that Angus Paul has been appointed as independent director on the GoodBulk Board. Mr. Paul was at Glencore International AG until 2016 and was responsible for Glencore’s global coal drybulk shipping chartering and freight trading business. The GoodBulk Board is chaired by Mr. Radziwill and includes Messrs. Paul as well as representatives of the Company’s two largest shareholders, Brentwood and Lantern Capital Partners LP.

“We are thrilled to add Angus Paul to the GoodBulk Board and have him help lead the Company during this exciting time” said Milos Brajovic, on behalf of the GoodBulk Board. “Angus Paul has over thirty years of experience in the dry bulk shipping industry and his acceptance to join GoodBulk Board is a testament to GoodBulk’s attractive market positioning and ability to develop into a landmark drybulk shipping platform.”
Following the completion of the Equity Offering, GoodBulk is expected to be registered on the Norwegian over-the-counter market (NOTC).
Pareto Securities acted as sole Manager and Bookrunner for the Equity Offering

About GoodBulk Ltd.

GoodBulk is a new company created by Brentwood Shipping and Trading in October 2016 in partnership with Lantern Capital Partners LP and other partners to create an attractive vehicle for investors to access the drybulk shipping market. Following completion of the Acquisition, GoodBulk will own a fleet of nine dry bulk carriers consisting of seven capesize vessels, one ultramax vessel, and one supramax vessel. The Company’s fleet is managed by C. Transport Maritime SAM, a leading third party manager in the drybulk shipping industry.

About Angus Paul

Angus Paul worked for Glencore International AG from 1994 to 2016 and managed the global coal dry bulk chartering and freight trading business. Prior to joining Glencore, Mr Paul worked at SS&Y Shipbrokers London & Johannesburg and at Lambert Brothers Shipbroking (Hill Samuel). Mr Paul graduated from Bristol Business School UWE.

About Brentwood Shipping and Trading

Brentwood is the Radziwill family’s privately held shipping business. Brentwood has a long history as an owner in the drybulk market through its subsidiaries C. Transport Maritime SAM (“CTM”) and Carras Ltd. Following completion of the Acquisition, GoodBulk will represent Brentwood’s primary vehicle for the ownership of drybulk vessels.

About Lantern Capital Partners LP

Lantern Capital Partners LP is a middle-market private equity firm whose principals have a long history of investing in and contributing to the growth of businesses across a wide range of industries. The firm is headquartered in Dallas, TX, with its affiliate, Lantern Asset Management LP, which together have managed assets and/or invested capital for private and institutional investors since 2010.

Company contact:
Andrew Garcia
President and Director
GoodBulk Ltd.
+1 845 605 2510