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NewLead Files

Filing a Form F-1 just before the close of the New Year, NewLead Holdings Ltd. announced its plans to raise up to $115 million in its first follow-on offering under new management. Proceeds of the offering will be used for funding existing newbuilding commitments, the acquisition of new vessels and general corporate purposes. As part of the offering, the company intends, provided a minimum equity hurdle is exceeded, to exchange the entire current outstanding principal amount of the $125 million of 7% senior unsecured convertible notes due in 2015 for shares based upon the offering price.

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