Exhibit 99.1
Capitalization
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of June 30, 2021 on:
• | an actual basis; and |
• | an as adjusted basis giving effect to (i) scheduled debt repayments of $55.9 million, (ii) debt prepayments of $56.8 million for vessels Sunray, Artemis, Afrodite, Ariadne, Ajax, Apollon and Aris and drawdowns of $74.8 million for the refinancing of the respective vessels, (iii) the payment of $9.4 million of preferred share dividends and $2.0 million of common share dividends, (iv) the issuance of 79,031 Series D Preferred Shares, 110,520 Series E Preferred Shares and 555,743 Series F Preferred Shares for an aggregate amount of $18.1 million, (v) the issuance of 1,097,172 common shares for an aggregate amount of $10.2 million, (vi) the redemption of 357,063 Series G Convertible Preferred Shares in exchange for 388,841 Series B Cumulative Redeemable Perpetual Preferred Shares of Shyris Shipping Company S.A., and (vii) the declaration of $4.0 million of Series F Preferred Share dividends. |
Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between June 30, 2021 and October 22, 2021.
As of June 30,2021 | ||||||||
In thousands of U.S. Dollars | Actual | As Adjusted | ||||||
(Unaudited) | (Unaudited) | |||||||
Cash | ||||||||
Cash and cash equivalents | $ | 128,851 | $ | 107,848 | ||||
Restricted cash | 10,059 | 10,059 | ||||||
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Total cash | 138,910 | 117,907 | ||||||
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Capitalization | ||||||||
Debt: | ||||||||
Long-term secured debt obligations (including current portion) | $ | 1,423,296 | $ | 1,385,345 | ||||
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Stockholders’ equity: | ||||||||
Preferred Shares, $ 1.00 par value; 25,000,000 shares authorized, 3,436,214 Series D Preferred Shares, 4,633,188 Series E Preferred Shares, 6,184,585 Series F Preferred Shares and 816,349 Series G Convertible Preferred Shares issued and outstanding at June 30, 2021 on an actual basis and 3,515,245 Series D Preferred Shares, 4,743,708 Series E Preferred Shares, 6,740,328 Series F Preferred Shares and 459,286 Series G Convertible Preferred Shares issued and outstanding on an as adjusted basis. | 15,070 | 15,458 | ||||||
Common shares, $5.00 par value; 35,000,000 shares authorized; 20,437,952 shares issued and 19,759,779 shares outstanding at June 30, 2021 on an actual basis and 21,535,124 shares issued and 20,856,951 shares outstanding on an as adjusted basis(1) | 102,190 | 107,676 | ||||||
Additional paid-in capital | 943,812 | 962,784 | ||||||
Accumulated other comprehensive loss | (26,531 | ) | (26,531 | ) | ||||
Retained earnings | 294,089 | 280,843 | ||||||
Cost of treasury stock | (6,791 | ) | (6,791 | ) | ||||
Non-controlling interest | 46,414 | 49,793 | ||||||
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Total stockholders’ equity | 1,368,253 | 1,383,232 | ||||||
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Total capitalization | $ | 2,791,549 | $ | 2,768,577 | ||||
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(1) | Excludes an aggregate of 306,190 of our common shares issuable upon conversion of our outstanding Series G Convertible Preferred Shares. |