Navigator Gas announces 6 million share secondary offering


Navigator Holdings revealed that BW Group Limited, a shareholder in the company, is publicly offering 6 million shares of Navigator Gas’s common stock. The company itself is not selling any shares and will not receive proceeds from this secondary offering.

Navigator Gas has expressed its intention to repurchase 3 million shares from the underwriters at the same price paid to BW Group Limited, without any discount or commission. The share repurchase is contingent on the successful completion of the secondary offering and customary closing conditions. The company plans to fund this transaction with available cash on hand.

The board of directors, following recommendations from a special committee, has approved the terms of the share repurchase. Both the secondary offering and the share repurchase are expected to close simultaneously, although the former is not dependent on the latter.

Citigroup and DNB Markets, Inc. are managing the secondary offering process. The offering is based on a shelf registration statement filed with the U.S. Securities and Exchange Commission on June 28, 2023, and declared effective on July 11, 2023.