GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (the “Company”) announced today the pricing of an underwritten secondary offering of 4,021,604 of the Company’s common shares by funds affiliated with First Reserve and 660,870 of the Company’s common shares by funds affiliated with WL Ross & Co. LLC, as the selling shareholders, at a public offering price of $13.75. The selling shareholders granted the underwriter a 30-day option to purchase up to an additional 702,371 common shares in the aggregate. The offering is expected to close on or about November 25, 2019, subject to the satisfaction of customary closing conditions. The Company will not receive any proceeds from the sale of the common shares by the selling shareholders in this offering.
Pareto Securities is acting as the sole underwriter of the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. The offering is being made pursuant to an effective registration statement on Form S-1, as amended, filed with the Securities and Exchange Commission (“SEC”). The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained on the website of the SEC, www.sec.gov, or from Pareto Securities Inc., 150 East 52nd Street, 29th Floor, New York, NY 10022, USA, or by telephone at +47 22 87 87 50.
About Diamond S Shipping Inc.
Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT.
Disclosure Regarding Forward-Looking Statements
This press release contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the secondary offering by the selling shareholders. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Any forward-looking statements speak only as of the date of this communication. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.