Capitalization
The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of June 30, 2022, on:
• | an actual basis; and |
• | an as adjusted basis giving effect to (i) scheduled debt repayments of $43.5 million, (ii) debt prepayments of $51.3 million for vessel Rio 2016 and vessel Inca and drawdown of $67.5 million for the refinancing of the vessel Rio 2016, (iii) debt drawdown of $46.3 million to finance the final installment to shipyard for the delivery of the DP2 shuttle tanker Porto, (iv) proceeds of $11.8 million from the sale of vessel Inca, (v) payment from cash of $9.5 million for the new 2020-built VLCC with expected delivery in the fourth quarter of 2022, (vi) the conversion of all 459,286 outstanding Series G Redeemable Convertible Perpetual Preferred Shares into an aggregate of 306,190 common shares of the Company(1), (vii) the redemption of 75,000 of the outstanding Series B Cumulative Redeemable Perpetual Preferred Shares and the payment of $0.75 million, (viii) payment of $9.5 million of preferred share dividends and $2.8 million of common share dividends, and (ix) the declaration of $0.15 dividend per common share. |
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, 2022 and September 30, 2022.
As of June 30, 2022 | |||
In thousands of U.S. Dollars | Actual | Adjusted | |
(Unaudited) | (Unaudited) | ||
Cash | |||
Cash and cash equivalents | $161,148 | $112,707 | |
Restricted cash | 10,648 | 10,648 | |
Total cash | 171,796 | 123,355 | |
Capitalization | |||
Debt: | |||
Long-term secured debt obligations and other financial liabilities (including current portion) | $1,475,724 | 1,494,664 | |
Stockholders’ equity: | |||
Preferred shares, $ 1.00 par value; 25,000,000 shares authorized on an actual and as adjusted basis and 3,517,061 Series D Preferred Shares, 4,745,947 Series E Preferred Shares, 6,747,147 Series F Preferred Shares and 459,286 Series G Convertible Preferred Shares issued and outstanding on an actual basis and 3,517,061 Series D Preferred Shares, 4,745,947 Series E Preferred Shares and 6,747,147 Series F Preferred Shares issued and outstanding on an adjusted basis | 15,469 | 15,010 | |
Common shares, $5.00 par value; 60,000,000 shares authorized on an actual and as an adjusted basis; 29,308,379 shares issued, and 28,630,206 shares outstanding on an actual basis and 29,308,379 shares issued, and 28,936,396 shares outstanding on an adjusted basis | 146,542 | 148,073 | |
Additional paid-in capital | 986,874 | 985,802 | |
Cost of treasury stock | (6,791) | (6,791) | |
Accumulated other comprehensive income | 4,001 | 4,001 | |
Retained earnings | 181,008 | 167,994 | |
Non-controlling interest | 50,872 | 49,320 | |
Total stockholders’ equity | 1,377,975 | 1,363,409 | |
Total capitalization | $2,853,699 | $2,858,073 |
(1) The accounting treatment of the conversion of Series G Redeemable Convertible Perpetual Preferred Shares has not been finalized as of the date of this capitalization table.