Eagle Bulk Announces $85 Mln Private Placement of Common Stock


Eagle Bulk Shipping Inc. (EGLE) announced that it has entered into a definitive agreement to raise $85 million in gross proceeds through a sale of its common stock, with proceeds targeted for the acquisition of dry bulk vessels and general corporate purposes.

The private placement price of $0.15 per share assumes the inclusion of 337,796,550 proposed, but not yet formally-issued, shares that are part of the Company’s Second Lien Loan Agreement, as previously disclosed on March 30, 2016. Eagle Bulk’s Board of Directors has called for a Special Meeting of Shareholders to approve, among other things, this proposed issuance and a possible reverse stock split.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.



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