Greek container ship owner Danaos Corp. is raising $200 million in a private placement of common stock to complete to build 18 new container ships.
Athens, Greece-based Danaos is issuing about 54.05 million shares of common stock priced at $3.70 each, which reflects a 5.9% discount to the 30-day volume weighted average price of $3.93.
Danaos Chief Executive Officer Dr. John Coustas, through his family trust, and members of his family, are investing $100 million. Other investors include a private company affiliated with George Economou, the CEO of DryShips Inc., and members of Danaos executive management.
Following the offering, Economou will own a 10.6% stake in Danaos and have a seat on the board.
Danaos also said it has received written commitments from 14 banks to a previously announced restructuring of its credit facility and new financing of $426 million. Danaos said it currently has total debt of about $3 billion, which is being rescheduled.
Athens, Greece-based Danaos is issuing about 54.05 million shares of common stock priced at $3.70 each, which reflects a 5.9% discount to the 30-day volume weighted average price of $3.93.
Danaos Chief Executive Officer Dr. John Coustas, through his family trust, and members of his family, are investing $100 million. Other investors include a private company affiliated with George Economou, the CEO of DryShips Inc., and members of Danaos executive management.
Following the offering, Economou will own a 10.6% stake in Danaos and have a seat on the board.
Danaos also said it has received written commitments from 14 banks to a previously announced restructuring of its credit facility and new financing of $426 million. Danaos said it currently has total debt of about $3 billion, which is being rescheduled.