Diana Shipping Inc. Announces Pricing of US$100 Million Senior Unsecured Bond Offering

Diana Shipping Inc. Announces Pricing of US$100 Million Senior Unsecured Bond Offering

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced the pricing of a US$100 million private placement of senior unsecured bonds maturing in September 2023 and callable beginning three years after issuance. In addition, the Company may issue up to an additional US$25 million of the bonds on one or more occasions. The bond offering was priced with a U.S. dollar fixed-rate coupon of 9.50%. Interest will be payable semi-annually in arrears in March and September of each year. The Company will apply for listing of the bonds on the Oslo Stock Exchange. The offering is expected to close on September 27, 2018, subject to customary closing conditions.

The net proceeds from the bonds shall be used to redeem all of the Company’s 8.5% Senior Notes due 2020 pursuant to the terms of such notes, in an aggregate principal amount of US$63.25 million, and to prepay other debt of the Company or for general corporate purposes.

Fearnley Securities and Nordea acted as Joint Bookrunners.

Important Information

The bonds offered as described in this press release have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or other jurisdiction, and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act or any state or other jurisdiction’s securities laws. The bonds will be sold only to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

Press release: dianashippinginc.com

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