Rand Raises Equity

Last week, Rand Logistics, Inc. (“Rand”) announced a follow-on offering of 2.975 million shares based upon its existing shelf registration. Led by sole book runner, BB&T Capital Markets, the proceeds of the underwritten offering are earmarked for the partial financing of two bulk carriers, one of which is a self-unloader, to be acquired and for general corporate purposes. The offering was subsequently reduced to 2.8 million shares and priced last Friday at $6.00, a 1.6% discount to the prior day’s close, but a 12.0% discount to the closing price on the date of the announcement. The shares traded up and closed the next day at $6.15. The underwriter has an option to purchase a further 420,000 shares.

This is only an excerpt of Rand Raises Equity

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.