Navigator Gas Announces Closing of Upsized Secondary Public Offering by Selling Shareholder and Concurrent Repurchase of Shares by Navigator Gas

Company Overview - Navigator Gas operates the world's largest fleet of handysize liquefied gas carriers and is a global leader in seaborne transportation services for petrochemical gases, including ethylene, ethane, liquefied petroleum gas, and ammonia [7] - The company owns a 50% share in an ethylene export marine terminal located at Morgan's Point, Texas, on the Houston Ship Channel [7] - Navigator Gas' fleet comprises 56 semi- or fully-refrigerated liquefied gas carriers, with 25 capable of transporting ethylene and ethane [7] Secondary Offering Details - The company completed a secondary offering of 7,000,000 shares of its common stock at a public offering price of $15.00 per share [8] - The company did not offer any shares of its common stock in the secondary offering and did not receive any proceeds from the sale [5] - Citigroup and DNB Markets, Inc. served as joint book-running managers for the secondary offering [9] Share Repurchase - In connection with the secondary offering, the company repurchased 3,500,000 shares at a price of $14.52 per share, equal to the price paid by underwriters to the selling shareholder [1] - The share repurchase was funded with cash on hand and approved by a Special Committee of the Board, as well as the Board itself [1] - The share repurchase closed concurrently with the completion of the secondary offering [1]