Epic Gas Ltd. announces private placement of shares raising US$75 million
Epic Gas Ltd. announced the private placement of 9,375,000 new shares at a subscription price of US$8.00 per share raising US$75.0 million. The shares to be issued will be registered on the Norwegian Over The Counter list in Oslo on or about February 6, 2014 under the ticker code “EPIC”, the company said in its press release. RS Platou Markets AS and DNB Markets acted as joint lead managers of the placement.
Lars Vang Christensen, CEO of Epic Gas, states: “We have had a strong response from the capital markets over the last two weeks. The targeted US$75 million that was raised reflects the positive market sentiment and Epic’s position as a top-class owner and operator of pressurised LPG carriers.” The new shares were placed with a number of institutional investors in the United States and Europe. It is intended that the net proceeds from the private placement will be used to further grow the LPG carrier fleet owned and operated by Epic Gas.
About Epic Gas
Epic Gas, headquartered in Singapore, owns and operates a fleet of fully pressurised gas carriers providing seaborne services for the transportation of liquefied petroleum gas and petrochemicals. Including the newbuildings, the Company controls a fleet of 38 vessels which serve as a link in the international gas and petrochemical supply chains of leading oil majors and commodity trading houses throughout Asia, Europe, West Africa and the Americas.