Lowering the Bridge

Baltic Trading Limited filed this week a preliminary registration form to sell up to $126.5 million of common equity in a follow-on offering. As promised, the proceeds will be used to repay borrowings under the credit facility which were used to finance the three vessels acquired from Metrostar ($99.8 million), with the balance to be used for working capital and general corporate purposes. We will report next week on this transaction’s progress.

This is only an excerpt of Lowering the Bridge

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