Stealthgas prices offering

Nasdaq-listed StealthGas plains to raise a further $35m by selling off more common stock in an underwritten registered offering.

The company, which is a dominant player in the LPG trades, says it is selling 3.5m shares at a price of $10 each.

The shares have been placed with several institutional investors, in addition to entities affiliated with the family of StealthGas Inc.'s President and Chief Executive Officer Harry Vafias.

Global Hunter Securities, LLC is acting as the sole underwriter for the offering.

Net proceeds, after underwriting discounts and commissions and other estimated fees and expenses payable by StealthGas, are estimated to be approximately $34.5 million.

StealthGas says it intends to use the net proceeds of the offering for vessels acquisitions, including ordering larger size semi-refrigerated or fully-refrigerated LPG newbuildings, and other general corporate purposes.

Stealthgas currently has an orderbook totaling 17 LPG vessels, the latest orders being for two 22,000-cbm vessels at Hyundai Mipo for delivery in the first quarter of 2017.

In April this year Stealthgas raised $47m when it sold 4.47m shares at $10.50 per share in an underwritten registered offering.