Scorpio Bulkers Inc. Announces the Initial Public Offering of Its Common Shares

Time:2013-12-09 Browse:59 Author:RISINGSUN
Scorpio Bulkers Inc. announced the commencement of its initial public offering of 15,500,000 common shares. The Company will grant the underwriters a 30-day option to purchase up to 2,325,000 additional common shares. The net proceeds of this public offering are expected to be used to fund newbuilding vessel capital expenditures, including capital expenditures related to the Company`s initial fleet, and for general corporate purposes, including working capital.


On December 2, 2013, the closing price of the Company`s common shares on the Norwegian OTC List was $9.75 per share (based upon the Bloomberg Composite Rate of NOK6.12695 per $1.00 in effect on that date).


This initial public offering is being made pursuant to a registration statement on Form F-1 (File No. 333-192246), including a prospectus, previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Company has applied for listing of the common shares on the New York Stock Exchange under the symbol "SALT."


Concurrently with the closing of the initial public offering, the Company plans to offer to exchange all of the unregistered common shares that it previously issued in its prior equity private placements, other than the common shares owned by affiliates of the Company, for common shares that have been registered under the Securities Act of 1933, as amended, which the Company refers to as the Exchange Offer. The Company has filed a registration statement on Form F-4 (File No. 333-192247) to register the common shares to be offered by the Company in the Exchange Offer. The Company expects such registration statement to become effective concurrently with the registration statement related to the initial public offering.


Deutsche Bank Securities Inc., Credit Suisse and RS Platou Markets AS are acting as joint book-running managers for the initial public offering and Evercore, Global Hunter Securities, Stifel and Crédit Agricole CIB are acting as co-managers for the initial public offering. RS Platou Markets AS is not a U.S. registered broker-dealer and, therefore, intends to participate in the offering outside of the United States and, to the extent that the offering by RS Platou Markets AS is within the United States, RS Platou Markets AS will offer to and place common shares with investors through RS Platou Markets, Inc., an affiliated U.S. broker-dealer. The activities of RS Platou Markets AS in the United States will be effected only to the extent permitted by Rule 15a-6 under the Securities Exchange Act of 1934, as amended.