Diana Also Taps the Equity Markets. But Why?

In a single day, Diana Shipping withdrew an old registration statement, filed a shelf registration and announced today a public offering of 6 million new common shares. The shares were priced of $16.85, a 9% discount to yesterday’s closing price of $18.52. Gross proceeds are in the order of $111 million. UBS Investment Bank will act as the sole underwriter. The transaction is expected to close on May 12th.

We confess to being taken by surprise, as the company’s balance sheet is one of the strongest in the industry, with a $104 million in cash and a debt to

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