Dorian LPG raises $250m from private placement

Norway OTC-listed Dorian LPG has completed a $250m private share placement.

Dorian LPG sold 80.4m shares at a price NOK18.50 each to Norwegian and international investors. The company plans to use the proceeds from the share issue to part finance its acquisition of 11 VLGC newbuildings and general corporate purposes.

Last week Dorian LPG inked a deal with Scorpio Tankers to takeover its fleet of 11 VLGC newbuildings plus options, with the US firm taking a 30% stake in it in return.

Pareto Securities acted as global coordinator with Arctic Securities, DNB Markets, and Fearnley Securities, as joint lead managers for the private placement.

Posted 05 November 2013

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Marcus Hand

Editor, Seatrade Maritime News

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