The shipowner founded earlier this year by Scorpio Group also plans to exchange its existing Oslo OTC shares for shares listed on NYSE.
The issue of new shares in the IPO is set to raise a maximum of $100m while the exchange offering has a maximum value of $941m according to prospectus filed with the US Securities and Exchange Commission.
Scorpio Bulkers has an initial fleet of 36 newbuildings comprising 26 ultramaxes and 10 kamsarmaxes with a total purchase price of $1.03bn.
“We believe that it is an opportune time to acquire these vessels because acquisition costs for these vessels are currently at the lowest average levels of the past 10 years,” Scorpio Bulkers said.
To date the company has paid $157m in installments on its newbuildings.
“We plan to finance the remaining contractual commitments of $872.8m for our initial Fleet with the net proceeds received from the IPO, the remaining net proceeds we have received from the equity private placements, other available cash on hand, cash flows from operations after the delivery of one or more vessels in our initial fleet, borrowings under new secured credit facilities, and from securities offered in the public and private debt and equity capital markets,” the company said.
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