International Shipholding Corporation Announces Public Offering

International Shipholding Corporation (ISH) yesterday announced that it plans to offer shares of its Series B Cumulative Redeemable Perpetual Preferred Stock (the "Series B Preferred Shares") in an underwritten registered public offering.
ISH intends to use the net proceeds from the offering for working capital and other general corporate purposes, including using a substantial portion of the funds to repay certain indebtedness and to finance certain vessel investment costs. Upon completion of the offering, ISH intends to file an application to list the Series B Preferred Shares on the New York Stock Exchange.
Incapital LLC, DNB Markets, Inc., Sterne, Agee & Leach, Inc., Regions Securities LLC and Euro Pacific Capital Inc. will underwrite the offering.
International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and international flag vessels that provide worldwide and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.
Source: International Shipholding Corporation