Eagle Bulk Plans USD 100 Million Private Placement, Eyes More Vessels

Dry Bulk Shipping Nasdaq-listed Eagle Bulk Shipping has entered into a definitive agreement with institutional and other accredited investors for the private placement of approximately 22.2 million shares of its common stock. The shares are priced at USD 4.50, equaling some USD 100 million in gross proceeds expected from the placement. Eagle Bulk will use the cash to buy new dry bulk vessels and for general corporate purposes. The companys board of directors will hold a special meeting of shareholders to approve this private placement. Connecticut-headquartered Eagle Bulk currently owns a fleet of 42 dry bulk vessels, including 41 Supramaxes and one Handymax. The company transports a range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement and fertilizer.