Top Tankers in $300 Million Convertible

The highly acquisitive, and therefore capital-hungry, Top Tankers announced last night that it intends to privately place up to $300 million aggregate principal amount of Series A Cumulative Convertible Preferred Stock, convertible into shares of the company’s common stock. Top also plans to grant to the initial purchaser of the convertible preferred stock an option to purchase up to an additional $45 million aggregate principal amount of preferred shares. Top’s “house” investment bank Cantor Fitzgerald has been mandated on the deal.

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