It said the funds would be used for general corporate purposes, which
may include repaying debt, and buying ships.
Global
Hunter Securities has been unveiled as the lead managing underwriter and sole
book-runner of the offering.
Box
Ships said it intends to grant the underwriters a 30-day option to purchase an additional
$3.75m of its shares to cover over-allotments.
The
fund raiser is being made under an existing shelf registration statement filed
with the US Securities & Exchange Commission (SEC) and is effective.
Plans
for a stock offering come a day after Box Ships said it had secured
more breathing space to repay an outstanding loan from major shareholder Paragon
Shipping.
It
has seen the deadline extended by twelve months until 19 April 2014 but is
subject to a number of extra costs.
During
the remaining term of the loan, it is required to make quarterly principal
installment payments of $1m each from 19 April 2013 with a final balloon
payment on the maturity date.
In
return for extending the repayment deadline it has also agreed to pay an
amendment fee and to increase the margin by 100 basis points.
Box
Ships, which has a fleet of nine containerships, said the current outstanding
principal balance of the loan is around $13m.
Paragon
holds around 16.4% of Box Ships shares and Michael Bodouroglou is chief
executive and chairman of both companies.
Last
month Box Ships reported a 28% increase in fourth quarter profits to $6.2m on
the back of an expanded fleet.
Revenue
increased 13.5% to $19.4m while charter coverage has been increased to 85% of
fleet capacity for the remainder of the year.
