Capital Product Partners L.P. Announces Results of Rights Offering
December 14 2023 - 4:00PM
Capital Product Partners L.P. (the “Partnership”, “CPLP”, or “we”/
“us”) (NASDAQ:CPLP) today announced the final results of its
previously announced rights offering to raise proceeds of up to
$500,000,000 (the “Rights Offering”).
The subscription period for the Rights Offering
expired at 5:00 p.m., New York City time, on December 13, 2023 (the
“Expiration Date”). The Rights Offering resulted in subscriptions
for 445,988 common units representing limited partnership interests
in CPLP (the “Common Units”) offered at an exercise price of $14.25
per Common Unit. The Common Units subscribed for are expected to be
issued to participating unitholders on or about December 22, 2023.
Any excess subscription payments received by Computershare Trust
Company, N.A. will be returned to investors promptly, without
interest or penalty, following the closing of the Rights
Offering.
As previously announced, the Partnership entered
into a Standby Purchase Agreement (the “Standby Purchase
Agreement”) with Capital Maritime & Trading Corp. (“Capital
Maritime”), pursuant to which Capital Maritime agreed to purchase
from CPLP, at $14.25 per Common Unit (which is equal to the
subscription price in the Rights Offering), the number of Common
Units offered pursuant to the Rights Offering that are not issued
pursuant to the Rights Offering. Because the Rights Offering was
not fully subscribed, Capital Maritime will purchase 34,641,731
Common Units pursuant to the Standby Purchase Agreement for an
aggregate amount of $493,644,666.75. Following the closing of the
Rights Offering and the Standby Purchase Agreement, we expect to
have 55,039,143 Common Units outstanding. Capital Maritime will own
39,808,881 Common Units, representing 72.3% of the Common Units
outstanding (40,962,727 Common Units together with the Common Units
owned by Capital Gas Corp., an affiliate of Capital Maritime,
representing 74.4% of the Common Units outstanding) excluding
870,522 treasury units and 348,570 general partner units.
The proceeds to be received by the Partnership
pursuant to the Rights Offering and the Standby Purchase Agreement
are expected to be approximately $500 million. We conducted the
Rights Offering pursuant to the terms of an umbrella agreement,
which we entered into on November 13, 2023 with Capital Maritime
and Capital GP L.L.C. (the “Umbrella Agreement”). The proceeds from
the Rights Offering will be used to finance a portion of the
purchase price for 11 liquefied natural gas carrier (LNG/C) vessels
that we have agreed to purchase from Capital Maritime pursuant to
the Umbrella Agreement, which is expected to close on December 22,
2023.
The Rights Offering is more fully described and
was made pursuant to CPLP’s effective registration statement on
Form F-3 and a prospectus supplement filed with the Securities and
Exchange Commission on November 27, 2023 (together with the base
prospectus included in the registration statement, the
“Prospectus”). Copies of the Prospectus, which contains further
details regarding the Rights Offering, can be accessed through the
SEC’s website at www.sec.gov.
About Capital Product Partners
L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a
Marshall Islands limited partnership, is an international owner of
ocean-going vessels. CPLP currently owns 22 vessels, including
seven latest generation LNG carrier vessels,
12 Neo-Panamax container vessels and three Panamax
container vessels.
For more information about the Partnership,
please visit: www.capitalpplp.com.
Forward-Looking Statements
This communication includes forward-looking
statements (as such term is defined in Section 21E of the
Securities Exchange Act of 1934, as amended). These statements can
be identified by the fact that they do not relate only to
historical or current facts. In particular, forward-looking
statements include all statements that express forecasts,
expectations, plans, outlook, objectives and projections with
respect to future matters, including, among other things, the
transaction contemplated pursuant to the Umbrella Agreement, our
expected performance following such transactions, our expectations
or objectives regarding future distributions and market and charter
rates expectations. These forward-looking statements involve risks
and uncertainties that could cause the stated or forecasted results
to be materially different from those anticipated, including but
not limited to adverse change in the LNG commodity and shipping
markets in general including container shipping markets, changes in
interest rates and interest rates expectations, changes in the
availability and cost of vessel financing, the ability of our
counterparties to perform under the respective contracts including
charter parties and ship building contracts, material changes in
the operating expenses and maintenance capex of our vessels and
material changes in the regulatory environment for shipping. For a
discussion of some of the factors that could materially affect the
outcome of forward-looking statements and other risks and
uncertainties, see “Risk Factors” in our annual report on Form 20-F
filed with the SEC on April 26, 2023. Unless
required by law, we expressly disclaim any obligation to update or
revise any of these forward-looking statements, whether because of
future events, new information, a change in our views or
expectations, to conform them to actual results or otherwise. We
make no prediction or statement about the performance of our common
units.
Contact Details:
Capital GP L.L.C.Jerry KalogiratosCEOTel. +30
(210) 4584 950E-mail: j.kalogiratos@capitalpplp.com
Capital GP L.L.C.Nikos KalapotharakosCFOTel.
+30 (210) 4584
950E-mail: n.kalapotharakos@capitalmaritime.com
Investor Relations / MediaNicolas
BornozisCapital Link, Inc. (New York)Tel.
+1-212-661-7566E-mail: cplp@capitallink.com
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