Box Ships Inc. withdrew a public offering of 700,000 units that was part of the NYSE-listed Greek shipowner’s approach to funding the purchase of two container ships.
The Athens-based company did not say why it pulled the offering, which consisted of preferred shares and warrants to purchase shares.
The offering, which was disclosed on June 12, may be revived at a later date subject to market and other conditions, Box Ships said.
The company has since taken delivery of the 5,344 20-foot-equivalent units ships for which it paid Orient Overseas Container Line $62.3 million. It is chartering both vessels to the Hong Kong-based carrier for three years at a net daily rate of $26,465.
Separately, Box Ships said it had signed a $25 million credit facility with ABN AMRO to partially finance the acquisition of the 1995 and 1996-built ships.
The credit facility can be drawn down in two tranches, each payable in 12 equal quarterly installments of $625,000, plus a balloon payment of $5 million payable with the final installment.
The latest acquisitions boost Box Ships’ fleet to nine vessels with an aggregate capacity of 43,925 TEUs.
Contact Bruce Barnard at firstname.lastname@example.org.