CPLP - Capital Product Partners L.P. Announces Results of Rights Offering | Benzinga
ATHENS, Greece, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the "Partnership", "CPLP", or "we"/ "us") (NASDAQ:CPLP) today announced the final results of its previously announced rights offering to raise proceeds of up to $500,000,000 (the "Rights Offering").
The subscription period for the Rights Offering expired at 5:00 p.m., New York City time, on December 13, 2023 (the "Expiration Date"). The Rights Offering resulted in subscriptions for 445,988 common units representing limited partnership interests in CPLP (the "Common Units") offered at an exercise price of $14.25 per Common Unit. The Common Units subscribed for are expected to be issued to participating unitholders on or about December 22, 2023. Any excess subscription payments received by Computershare Trust Company, N.A. will be returned to investors promptly, without interest or penalty, following the closing of the Rights Offering.
As previously announced, the Partnership entered into a Standby Purchase Agreement (the "Standby Purchase Agreement") with Capital Maritime & Trading Corp. ("Capital Maritime"), pursuant to which Capital Maritime agreed to purchase from CPLP, at $14.25 per Common Unit (which is equal to the subscription price in the Rights Offering), the number of Common Units offered pursuant to the Rights Offering that are not issued pursuant to the Rights Offering. Because the Rights Offering was not fully subscribed, Capital Maritime will purchase 34,641,731 Common Units pursuant to the Standby Purchase Agreement for an aggregate amount of $493,644,666.75. Following the closing of the Rights Offering and the Standby Purchase Agreement, we expect to have 55,039,143 Common Units outstanding. Capital Maritime ...