Box Ships Announces Preferred Stock Offering

(RTTNews) - Box Ships Inc. (TEU) announced its intention to offer shares of its newly designated Series C Cumulative Redeemable Perpetual Preferred Shares in an underwritten public offering.

The company said the public offering price and other terms of the Series C Preferred Stock are to be determined by negotiations between the company and the underwriters.

Box Ships also plans to grant the underwriters a 45-day option to purchase additional shares of Series C Preferred Stock on the same terms and conditions to cover over-allotments, if any. The company has applied to list the Series C Preferred Stock on the New York Stock Exchange.

The company said it intends to use the net proceeds of the offering to redeem all of its outstanding Series B-1 Preferred Shares, to repay a portion of its outstanding debt and for general corporate purposes.