Watson Farley & Williams (“WFW”) acted as English law counsel to Star Bulk Carriers Corp. (“Star Bulk”) regarding the issuance and public offering of new common shares in Greece, parallel offering of new shares and listing of all Star Bulk’s shares on the Main Market of the Regulated Securities Market of Euronext Athens.
At a final price of €24.50 per share, the offering raised gross proceeds of €107.8m. Net proceeds totalled approximately €100.4m after estimated transaction and listing expenses. Trading of the new shares commenced on Euronext Athens on 16 September, with Star Bulk shares continuing to trade on the Nasdaq Global Select Market also.
The offering was made exclusively to investors outside the United States in accordance with Regulation S under US securities laws. AXIA Ventures Group and the National Bank of Greece acted as lead underwriters and joint coordinators.
Founded in 2006 in Athens, Star Bulk is a global shipping and ship-management company specialising in the dry bulk sector and providing worldwide seaborne transportation solutions.
The WFW Athens Maritime team that advised Star Bulk, was led by Assets & Structured Finance Partner and Athens Office Head Alexia Hatzimichalis and Assets & Structured Finance Partner Konstantinos Mexias, supported by Counsel Marilena Kossyfa, Senior Associate Haris Kazantzis and Associates George Kalpakidis, Ioannis Kotronias, Panagiotis Antonakis and Elefteria Kouta.
Alexia commented: “We’re delighted to have advised on such a major transaction, which represents a significant milestone for Star Bulk, supporting its strategic expansion into the Greek capital markets”.
Konstantinos added: “This complex offering and parallel listing required seamless team coordination and we are proud to have supported a deal that highlights the resilience of the shipping sector and the increasing appeal of Greece’s capital markets to international investors”.
