Asset-Light Niche Player Times the Market

Following quickly on the heels on a multitude of success­ful follow-on offerings and the Safe Bulker IPO, Britannia Bulk Holdings, Inc. has decided to test the waters here in New York with its IPO. Led by Goldman Sachs and Banc of America Securities together with the support of Dahlman Rose and Oppenheimer, the compa­ny is selling 8,333,333 shares at a price range of$17 to $19 and is seeking a listing on the NYSE. The proceeds of this primary offering will be used to de-leverage the balance sheet giving the company access to additional capital resources to grow the company. Management will retain an approximate 70% interest in the company. The terms of the offering are summarized in the Guts of the Deal table contained herein.

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