Preferred Stock Channel
Box Ships Inc | 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares (TEU.PRC)

Prospectus excerpt:  We are selling 558,333 shares of our 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share (the ÙSeries C Preferred Sharesˆ).

Neige International Inc., a company controlled by our Chairman, President and Chief Executive Officer, has agreed to purchase $5.0 million of the Series C Preferred Shares, or 208,333 shares, sold in this offering directly from us at the public offering price.

Dividends on the Series C Preferred Shares will accrue and be cumulative from the date of original issue and will be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing October 1, 2013, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefor at a rate equal to 9.00% per annum of the stated liquidation preference, subject to adjustment as described in this prospectus supplement.

At any time on or after July 29, 2016 and prior to July 29, 2018, we may redeem, in whole or in part, the Series C Preferred Shares at a redemption price equal to 101% of the liquidation preference ($25.00 per share) and at any time thereafter at a redemption price equal to the $25.00 liquidation preference, in each case plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. Any such redemption would be effected only out of funds legally available for such purpose. We must provide not less than 30 days? and not more than 60 days? written notice of any such redemption.

Also, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series C Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series C Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common shares in connection with a Change of Control by the holders of Series C Preferred Shares.

Upon the occurrence of a Change of Control, each holder of Series C Preferred Shares will have the right (subject to our election to redeem the Series C Preferred Shares in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series C Preferred Shares held by such holder on the Change of Control Conversion Date into a number of our common shares. The number of common shares into which each Series C Preferred Share shall be convertible shall be equal to the lesser of: (i) the quotient obtained by dividing (x) the sum of the $25.00 liquidation preference per Series C Preferred Shares plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date (as defined herein) and prior to the corresponding dividend payment date (as defined herein) for the Series C Preferred Shares, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (y) the Common Share Price (as defined herein); and (ii) 25.00, which we refer to as the ÙShare Cap,ˆ subject to certain adjustments as explained herein; in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this prospectus supplement.

Full Prospectus PDF », Secondary Prospectus PDF », TEU Page »

Series:C
Alternate symbology:TEU-C, TEU-PC, TEUprC
Redeemable?:Yes
Call Date:7/29/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:558,333
Overallotment:52,500
Liquidation Preference:$25.00
Original Coupon:9.00%
Pay Period:Quarterly
Pay Dates:1-Jan, 1-Apr, 1-Jul, 1-Oct
CDx3 Compliance Rating: Learn TEU.PRC's Rating
Box Ships is an international shipping company engaged in the seaborne transportation of containers worldwide. Co. is focused on the container shipping industry. Co.'s fleet is comprised of approximately nine containerships with a TEU weighted average age of 10.2 years, a total capacity of 43,925 TEU and a weighted average remaining charter duration of 6 months (weighted by aggregate contracted charter hire). Co. operates through a number of wholly-owned, vessel-owning subsidiaries incorporated in the Republic of Liberia, the Republic of the Marshall Islands and Hong Kong.

Preferred: TEU.PRC


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Name:  Box Ships Inc
Website:  www.box-ships.com
Sector:  Shipping

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