International Shipholding has closed its sale of $25 million of its Series A cumulative redeemable perpetual preferred stock at $100 per share.
Dividends will be payable on the Series A preferred shares at an initial rate of 9.50 percent per annum of the stated liquidation preference when, as and if declared by ISH’s board of directors. The company received net proceeds from the offering of $23.75 million after deducting underwriting discounts, but excluding other related expenses.
The company plans to use the proceeds from the offering for general corporate purposes, including working capital and the reactivation of a tug-barge unit, which is scheduled to be deployed in April.
The shares are expected to be listed on the New York Stock Exchange by Feb. 25.