TBS Offers Investors Superior Value

Following suit with Eagle and Aries, TBS International has cut the estimated price of its initial public offering to $11-$12 per share, down from $15-$17 per share, and maintained the volume at 8.5 million shares, 7 million of which are primary shares and 1.5 million of which are secondary shares. At the midpoint of the new price range, the IPO would raise $98 million. Joint bookrunners on the deal are Merrill Lynch and Jefferies & Company.

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