HAMILTON, BERMUDA--(Marketwire - May 12, 2008) - TBS International Limited (NASDAQ: TBSI)
announced today that it and certain of its shareholders have commenced a
follow-on offering of a combined 3,400,000 Class A Common Shares.
Jefferies & Company, Inc. and Banc of America Securities LLC are acting as
joint book-running managers for the offering. The company is offering
2,000,000 Class A common shares and the selling shareholders are offering
an additional 1,400,000 Class A common shares. The company has granted the
underwriters an option to purchase an additional 510,000 Class A Common
Shares. The offering is subject to market conditions, and there can be no
assurance as to whether or when the offering may be completed, or as to the
actual size or terms of the offering. The company intends the net proceeds
it receives from the offering will be used for general corporate purposes,
including the acquisition of secondhand vessels, the acquisition or
construction of newbuild vessels, repayment of debt and additions to
working capital or capital expenditures.
The shares will be issued pursuant to an effective shelf registration
statement that was previously filed with the Securities and Exchange
Commission. A preliminary prospectus supplement related to the offering has
been filed with the Securities and Exchange Commission and is available on
the SEC's website http://www.sec.gov. Copies of the prospectus supplement
relating to these securities may be obtained from Jefferies & Company,
Inc., 520 Madison Avenue, New York, NY 10022, Tel: +1 (888) 449-2342 or
Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York,
NY 10001, Email: dg.prospectus_distribution@bofasecurities.com. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
Forward Looking Statements "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on management's current
expectations and observations.
Included among the factors that, in the company's view, could cause actual
results to differ materially from the forward looking statements contained
in this press release are the following:
-- changes in demand;
-- a material decline or prolonged weakness in rates in the shipping
market;
-- changes in rules and regulations applicable to the shipping industry,
including, without limitation, legislation adopted by international
organizations such as the International Maritime Organization and the
European Union or by individual countries;
-- actions taken by regulatory authorities;
-- changes in trading patterns significantly impacting overall vessel
tonnage requirements;
-- changes in the typical seasonal variations in charter rates;
-- increases in costs including without limitation: changes in production
of or demand for oil and petroleum products, generally or in particular
regions; crew wages, insurance, provisions, repairs and maintenance;
-- changes in general domestic and international political conditions;
-- changes in the condition of the company's vessels or applicable
maintenance or regulatory standards (which may affect, among other things,
the company's anticipated drydocking or maintenance and repair costs);
-- availability to us and to China Communications Construction Company
Ltd./ Nantong Yahua Shipbuilding Co., Ltd. of satisfactory financing, China
Communications Construction Company Ltd./ Nantong Yahua Shipbuilding Co.,
Ltd.'s ability to complete and deliver the vessels on the anticipated
schedule and the ability of the parties to satisfy the conditions in the
shipbuilding agreements; and
-- other factors listed from time to time in the company's filings with the
Securities and Exchange Commission, including the preliminary prospectus
supplement filed May 12, 2008, its Annual Report on Form 10-K for the
period ended December 31, 2007, its Quarterly Report on Form 10-Q for the
period ended March 31, 2008 and its subsequent reports filed with the
Securities and Exchange Commission.
About TBS International Limited:
TBS is an ocean transportation services company that offers worldwide
shipping solutions through liner, parcel and bulk services, and vessel
chartering. TBS has developed its business around key trade routes between
Latin America and China, Japan and South Korea, as well as select ports in
North America, Africa and the Caribbean. TBS provides frequent regularly
scheduled voyages in its network, as well as cargo scheduling, loading and
discharge for its customers.
Visit our website at www.tbsship.com
Contact Information: For more information, please contact:
Company Contact:
Ferdinand V. Lepere
Executive Vice President and Chief Financial Officer
TBS International Limited
Tel. 914-961-1000
InvestorRequest@tbsship.com
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. New York
Tel. 212-661-7566
nbornozis@capitallink.com