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WFW advises Navigator Holdings Ltd. on its US$262.2m IPO

9 December 2013

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Navigator Holdings Ltd. (“Navigator”) on its initial public offering as Navigator and certain of its shareholders sold 13.8 million shares to raise an aggregate of approximately US$262.2 million, at a price per share of US$19.00. Navigator did not receive any of the proceeds from the sale of shares by its shareholders.

Navigator is now listed on the New York Stock Exchange.

Net proceeds from the offering, which comprise 9.03 million primary and 4.77 million secondary shares, are expected to fund a portion of Navigator’s purchase obligations for certain newbuilding vessels to be delivered in 2015 with the remainder of the proceeds for general corporate purposes.

Navigator is the owner of the largest fleet of handysize liquefied gas carriers, which transport LPG, petrochemical gases and ammonia for energy companies, industrial users and commodity traders.

Vinson & Elkins LLP also advised as issuer’s counsel while Latham & Watkins LLP advised as underwriter’s counsel.

Dan Rodgers, Head of the New York office, led the WFW team and was supported by counsel Steve Hollander, who led on a day-to-day basis, and associate CJ Chido.

Steve Hollander, Counsel in the Corporate Group in New York, said: “We were pleased to act for Navigator in its initial public offering, as our firm regularly represents ship owners and operators in the capital markets. We believe that an increase in the production of shale oil and gas has led to an over-supply of LPG, and anticipate that Navigator should be well placed in the market to capitalize on this over-supply.”