International Shipholding raises $40 million through offering
New Orleans-based International Shipholding Corp., parent company of Waterman Steamship, has completed a public offering of $40 million of convertible exchangeable preferred stock. All shares of the preferred stock were sold.
The preferred stock, which has a liquidation preference of $50 per share, will accrue cumulative quarterly cash dividends from the date of issuance at a rate of 6 percent a year. It can be converted into International Shipholding common stock.
The preferred stock will be listed on the New York Stock Exchange under the symbol “ISH Pr.” The company expects trading in the preferred stock to commence no later than Feb. 7.