Box Ships Prices $8.2 Mln Follow On Preferred Stock Offering

(RTTNews) - Box Ships Inc. (TEU) announced that it has priced its public offering of 340,000 shares of its Series C Cumulative Redeemable Perpetual Preferred Stock at $24.00 per share.

The company expects that the gross proceeds from the offering before the underwriting discount and other offering expenses to be about $8.2 million.

The company noted that it has granted the underwriters a 45-day option to purchase up to an additional 51,000 shares of Series C Preferred Stock on the same terms and conditions to cover over-allotments, if any. The offering is expected to close on October 9, 2013, subject to the satisfaction of customary closing conditions. The Series C Preferred Stock is listed on the New York Stock Exchange under the symbol "TEUPRC."

The firm said it expects to use the net proceeds of the offering to repay the outstanding balance plus accrued interest of its unsecured loan with Paragon Shipping Inc., in an aggregate amount of approximately $6.1 million, and the remaining net proceeds for general corporate purposes, which may include the repayment of debt and the acquisition of vessels.