Navigator Gas Announces Pricing of Upsized Secondary Public Offering by Selling Shareholder and Concurrent Repurchase of Shares by Navigator Gas
12 Junho 2024 - 8:35AM
Navigator Holdings Ltd. (NYSE: NVGS) (“Navigator Gas,” the
“Company,” “we,” or “our”) announced today the upsize and pricing
of the previously announced public offering (the “Secondary
Offering”) of a total of 7,000,000 shares of the Company’s common
stock (the “Offered Shares”) by BW Group Limited, as the selling
shareholder of the Company (the “Selling Shareholder”), at a public
offering price of $15.00 per share. The Secondary Offering is
expected to close on or about June 13, 2024, subject to customary
closing conditions.
The Company is not offering any shares of its common stock in
the Secondary Offering and will not receive any proceeds from the
sale of its shares of common stock in the Secondary Offering.
In addition, as previously announced, the Company intends to
purchase from the underwriters in the Secondary Offering half of
the Offered Shares (the “Share Repurchase”), representing 3,500,000
shares, at a price per share of $14.52, which is equal to the price
per share to be paid by the underwriters to the Selling Shareholder
in the Secondary Offering. The underwriters will not receive any
discount or commission in respect of the shares of common stock
purchased by the Company from the underwriters in the Share
Repurchase. The Share Repurchase is expected to be funded with cash
on hand. The terms and conditions of the Share Repurchase were
approved and recommended to the Board of Directors of the Company
(the “Board”) by a Special Committee of the Board and approved by
the Board. The Share Repurchase is conditioned upon the completion
of the Secondary Offering, as well as the satisfaction of customary
closing conditions, and is expected to close concurrently with the
completion of the Secondary Offering. The completion of the
Secondary Offering is not conditioned upon the completion of the
Share Repurchase.
Citigroup and DNB Markets, Inc. are acting as joint book-running
managers for the Secondary Offering.
A shelf registration statement on Form F-3 relating to the
shares of the Company’s common stock subject to this Secondary
Offering was filed with the U.S. Securities and Exchange Commission
(the “SEC”) on June 28, 2023 and declared effective on July 11,
2023. The Secondary Offering will be made only by means of a
prospectus supplement and the accompanying prospectus to be filed
with the SEC that form a part of the registration statement.
Prospective investors should read the preliminary prospectus
supplement and accompanying prospectus or other documents that
Navigator Gas has filed with the SEC for more complete information
about Navigator Gas and the Secondary Offering. When available,
copies of the final prospectus supplement and the accompanying
prospectus can be accessed for free through the SEC’s website at
www.sec.gov. Alternatively, copies may be obtained from: Citigroup,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717 (Tel: 800-831-9146); or DNB Markets, Inc.,
30 Hudson Yards, 81st Floor, New York, New York 10001, Attention:
Compliance, compliance.marketsinc@dnb.no.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Navigator Gas
Navigator Gas is the owner and operator of the world’s largest
fleet of handysize liquefied gas carriers and a global leader in
the seaborne transportation services of petrochemical gases, such
as ethylene and ethane, liquefied petroleum gas and ammonia and
owns a 50% share, through a joint venture, in an ethylene export
marine terminal at Morgan’s Point, Texas on the Houston Ship
Channel, USA. Navigator Gas’ fleet consists of 56 semi- or
fully-refrigerated liquefied gas carriers, 25 of which are ethylene
and ethane capable.
Navigator Gas’ common stock trades on the New York Stock
Exchange under the symbol “NVGS”.
Navigator Gas |
Attention: |
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Investor Relations investorrelations@navigatorgas.com and |
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randy.giveans@navigatorgas.com |
Address: |
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333 Clay St., Suite 2480,
Houston, Texas, U.S.A. 77002 |
Tel: |
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+1 713 373 6197 and +44 (0)20
7340 4850 |
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Investor Relations / Media AdvisorsNicolas Bornozis / Paul
LampoutisCapital Link – New YorkTel: +1-212-661-7566Email:
navigatorgas@capitallink.com
Forward Looking Statements
This press release contains certain “forward-looking” statements
(as defined by the SEC), including statements concerning the
conduct of the Secondary Offering, the size and terms of the
Secondary Offering, the expected timing of the closing of the
Secondary Offering, the conduct of the Share Repurchase and the
size and terms of the Share Repurchase. All statements other than
statements of historical facts contained in this press release may
be forward-looking statements. In some cases, you can identify the
forward-looking statements by the use of words such as “may,”
“could,” “should,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue,” “scheduled,” or the negative of these
terms or other comparable terminology. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These risks and uncertainties include but are
not limited to those set forth in the periodic reports Navigator
Gas files with the SEC.
All forward-looking statements included in this press release
are made only as of the date of this press release. New factors
emerge from time to time, and it is not possible for us to predict
all of these factors. Further, we cannot assess the impact of each
such factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement. We
expressly disclaim any obligation to update or revise any
forward-looking statements, whether because of future events, new
information, a change in our views or expectations, or otherwise.
We make no prediction or statement about the performance of our
common stock.
Category: Financial
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