Rickmers Group plans to raise about $160m from an IPO in Singapore
Rickmers Group plans to raise about $160m from an initial public offering (IPO) in Singapore in what will be the country’s third shipping trust.
The trust, Rickmers Maritime, will issue 169.7m shares in its IPO, or about 45% of the total issued units. The trust will have a capitalization of $365m.
A total of 104m units or 27.5% of the total shares have been sold to a group of five cornerstone investors. Rickmers Group will hold the remaining 28%.
The five comprise Fidelity Investments Management, Bennelong Asset Management, Citigroup Global Markets, Templeton Asset Management and UOB Asset Management.
The Hamburg-based owner will initially inject five ships into the trust comprising two 3,450-teu, two 4,250-teu and one 5,060-teu containerships.
Evergreen’s Italia Marittima has the two 3,450-teu ships on charter, while the two 4,250-teu ships are fixed to CMA CGM and the 5,060-teu ship to Maersk Line.
All five ships are on eight year charters with remaining charter periods ranging from five years, eight months to seven years, nine months.
The trust has also agreed to acquire four 4,250-teu capacity newbuildings and has a purchase option on the 3,450-teu ITAL Fiducia (built 2007).
The trust, Rickmers Maritime, will issue 169.7m shares in its IPO, or about 45% of the total issued units. The trust will have a capitalization of $365m.
A total of 104m units or 27.5% of the total shares have been sold to a group of five cornerstone investors. Rickmers Group will hold the remaining 28%.
The five comprise Fidelity Investments Management, Bennelong Asset Management, Citigroup Global Markets, Templeton Asset Management and UOB Asset Management.
The Hamburg-based owner will initially inject five ships into the trust comprising two 3,450-teu, two 4,250-teu and one 5,060-teu containerships.
Evergreen’s Italia Marittima has the two 3,450-teu ships on charter, while the two 4,250-teu ships are fixed to CMA CGM and the 5,060-teu ship to Maersk Line.
All five ships are on eight year charters with remaining charter periods ranging from five years, eight months to seven years, nine months.
The trust has also agreed to acquire four 4,250-teu capacity newbuildings and has a purchase option on the 3,450-teu ITAL Fiducia (built 2007).
