Himalaya Shipping Ltd. (HSHIP) - Announces Launch of Initial Public Offering in the United States

27 Mar 2023 17:54 CEST

Hamilton, Bermuda, March 27, 2023

Himalaya Shipping Ltd. ("Himalaya Shipping" or the "Company"), an independent
bulk carrier company with two dual fueled Newcastlemax vessels in operation and
10 dual fueled Newcastlemax dry bulk vessels under construction at New Times
Shipyard in China expected to be delivered between April 2023 and July 2024,
announced today it has launched the initial public offering (the "Offering") of
$45,000,000 of its common shares. Himalaya Shipping will also grant the
underwriters of the Offering a 30-day option to purchase up to an additional
$6,750,000 of common shares, solely to cover over-allotments, if any, at the
initial public offering price, less underwriting discounts and commissions.

The initial public offering price will be determined based on a book building
process and is expected to be at or close to the closing price of its shares on
the Euronext Expand in Norway on the most recent trading date prior to the
pricing date of the Offering.

Himalaya Shipping intends to use the net proceeds of the Offering for general
corporate purposes, which may include funding acquisitions of vessels on order
or maintaining liquidity, repayment of indebtedness and funding its working
capital needs.

The Company has applied to list its common shares on the New York Stock Exchange
under the ticker symbol "HSHP." Following the Offering, Himalaya Shipping will
continue to be listed on the Euronext Expand in Norway under the ticker "HSHP".

DNB Markets will act as sole global coordinator, joint bookrunner and
representative of the underwriters; Clarksons Securities will act as qualified
independent underwriter and joint bookrunner; ABG Sundal Collier ASA, Arctic
Securities, BTIG and Fearnley Securities will act as joint bookrunners; and
Cleaves Securities AS will act as co-manager for the Offering.

A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. The Offering will be made only by
means of a preliminary prospectus, copies of which may be obtained, when
available, from: the SEC at www.sec.gov, and from: DNB Markets, Inc., Attn:
Compliance Department, by telephone: 212-681-3800, or by email at:
compliance.marketsinc@dnb.no.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities in any state or jurisdiction. Any offers,
solicitations or offers to buy, or any sales of securities in the United States
will be made in accordance with the registration requirements of the Securities
Act of 1933 and if made in any other state or jurisdiction will be made in
accordance with the securities laws of any such state or jurisdiction.

This press release shall not constitute an offer to subscribe to or a
solicitation of an offer to subscribe to securities in any member state within
the European Economic Area ("EEA") in which such offer or solicitation is
unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby
no EEA prospectus, registration or similar action would be required within EEA.

The Company's Board has considered the Offering in light of the equal treatment
obligations under the Norwegian Securities Trading Act, the rules on equal
treatment under Oslo Rule Book II for companies listed on the Oslo Stock
Exchange and the Oslo Stock Exchange's Guidelines on the rule of equal
treatment, and deems that the proposed Offering is in compliance with these
obligations. The Company's Board is of the view that it will be in the common
interest of the Company and its shareholders to raise equity through the
Offering, in particularly in light of the current market conditions and the
purpose for which the funds are raised. By structuring the equity raise as an
offering in the United States, the Company believes it will be in a position to
raise equity efficiently and in a timely manner, with a lower discount to the
current trading price, and with a significantly reduced completion risk compared
to a rights issue in the Norwegian market. It has also been taken into
consideration that the Offering is based on a publicly announced bookbuilding
process. As the Offering is structured to ensure that a market-based
subscription price is achieved, it is currently not planned to conduct a
subsequent repair offering directed towards shareholders not participating in
the Offering.

For further queries, please contact:

Herman Billung, Contracted CEO

Telephone +47?918 31?590

More information:
Access the news on Oslo Bors NewsWeb site