Crowley Announces Successful Issuance of $200 Million of Series A Income Preferred Securities
10/23/2013 04:21 pm
(Jacksonville, Fla.; October 23, 2013) – Crowley Maritime Corporation announced today that it has successfully raised gross proceeds of $200 million through the sale of 200,000 shares of Series A Income Preferred Securities.
The company intends to use the net proceeds from this offering in connection with its new vessel build program as well as for general corporate purposes.
“We are very pleased to have concluded this important transaction for the company, especially as it offers a new source of capital to pursue our growth plans,” said Crowley's Chairman, President and CEO Tom Crowley.
DNB Markets acted as exclusive financial advisor to Crowley. DNB Markets and Incapital acted as joint book-running managers for the offering.
Jacksonville-based Crowley Holdings Inc., a holding company of the 121-year-old Crowley Maritime Corporation, is a privately held family and employee-owned company. The company provides project solutions, transportation and logistics services in domestic and international markets by means of six operating lines of business: Puerto Rico/Caribbean Liner Services, Latin America Liner Services, Logistics Services, Petroleum Services, Marine Services and Technical Services. Offered within these operating lines of business are: liner container shipping, logistics, contract towing and transportation; ship assist and escort; energy support; salvage and emergency response through its TITAN Salvage subsidiary; vessel management; vessel construction and naval architecture through its Jensen Maritime subsidiary; government services, and petroleum and chemical transportation, distribution and sales. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at www.crowley.com.
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