ATHENS, Greece, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the "Partnership", "CPLP", or "we"/ "us") (NASDAQ:CPLP) today announced that it has commenced its previously announced rights offering to raise proceeds of up to $500,000,000. Pursuant to the rights offering, CPLP is distributing to each holder of common units representing limited partnership interests in CPLP (the "Common Units"), for each Common Unit owned of record as of 5:00 p.m., New York City time, on November 24, 2023 (the "Record Date"), one non-transferable right to purchase 1.758657 Common Units at a subscription price of $14.25 per whole Common Unit (the "Rights Offering"). Fractional Common Units resulting from the exercise of rights will be eliminated by rounding down to the nearest whole Common Unit.
The subscription period for the Rights Offering commences today and will end at 5:00 p.m., New York City time, on December 13, 2023, unless otherwise extended. CPLP has entered into a Standby Purchase Agreement with Capital Maritime & Trading Corp. ("Capital Maritime")(the "Standby Purchase Agreement"), pursuant to which Capital Maritime has agreed to purchase from CPLP, at $14.25 per Common Unit (which is equal to the subscription price), the number of Common Units offered pursuant to the Rights Offering that are not issued pursuant to the Rights Offering.
The Rights Offering is more fully described and is being made pursuant to CPLP's effective registration statement on Form F-3 and a prospectus supplement filed with the Securities and Exchange Commission on the date hereof (together with the base prospectus included in the registration statement, the "Prospectus"). Copies of the Prospectus, which contains further details regarding the Rights Offering, and related Rights Offering materials, will be provided to all holders of Common Units ...