Wednesday, January 9, 2013
NewLead Holdings Ltd. (NEWL) Receives $236.4 Million Investment
NewLead Holdings is an international, vertically integrated shipping and commodity company that manages double-hull product tankers and dry bulk vessels. The company currently controls four vessels, two tankers, and two dry bulk ships.
The company announced today it received a capital contribution of industrial metal valued at $236.4 million in exchange for a 36.8 equity interest in NewLead Holdings. The company will issue unregistered shares in exchange for the new investment. The $236.4 million valuation for the industrial metal was established on January 7, 2013, by an independent appraiser.
The unnamed new shareholder has agreed, subject to certain limited exceptions, not to pledge, borrow, or dispose of the NewLead shares or otherwise transfer ownership of the shares before June 30, 2014. The new shareholder will also not board representation or any other rights.
The president and CEO of NewLead Holdings, Michael Zolotas, said that “this significant investment demonstrates confidence in the management team and the future of NewLead.” The company will use the capital injection to provide collateral for loans funding its activities, which is very capital-intensive. It also will aid management in executing its growth strategy for the company.
For additional information about NewLead Holdings and its business, please visit www.newleadholdings.com
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