Marshall Islands
(State or other jurisdiction of incorporation or organization) |
4412
(Primary Standard Industrial Classification Code Number) |
66-0818228
(I.R.S. Employer Identification Number) |
Dorian LPG Ltd.
c/o Dorian LPG (USA) LLC 27 Signal Road Stamford, Connecticut 06902 (203) 674‑9900 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) |
Seward & Kissel LLP
Attention: Gary J. Wolfe, Esq. One Battery Park Plaza New York, New York 10004 (212) 574‑1200 (Name, address and telephone number of agent for service) |
Copies to:
|
Gary J. Wolfe, Esq.
Seward & Kissel LLP One Battery Park Plaza New York, New York 10004 (212) 574‑1200 (telephone number) (212) 480‑8421 (facsimile number) |
Large accelerated filer
☐
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Accelerated filer
☒
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
☐
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Title of Each Class of Securities to be Registered
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Amount to be Registered
(1)
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Proposed Maximum Aggregate Offering Price
(1)(2)
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Amount of Registration Fee
(3)
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Common Shares, par value $0.01 per share
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|||
Preferred Shares, par value $0.01 per share
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|||
Debt Securities
(4)
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|||
Warrants
(5)
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|||
Purchase Contracts
(6)
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|||
Rights
(7)
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|||
Units
(8)
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|||
Total
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$500,000,000
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$58,100
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(1)
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Such amount in U.S. dollars as shall result in an aggregate public offering price for all securities of $500,000,000. Also includes such indeterminate amount of debt securities, common shares and preferred shares as may be issued upon conversion or exchange for any other debt securities or preferred shares that provide for conversion or exchange into other securities.
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(2)
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Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933. Pursuant to General Instruction II.D of Form S-3, the table does not specify by each class information as to the proposed maximum aggregate offering price. Any securities registered hereunder may be sold separately or as units with other securities registered hereunder. In no event will the aggregate offering price of all securities sold by Dorian LPG Ltd. pursuant to this registration statement exceed $500,000,000.
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(3)
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Calculated in accordance with Rule 457(o) under the Securities Act of 1933 to be $58,100, which is equal to 0.0001162 multiplied by the proposed maximum aggregate offering price of $500,000,000.
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(4)
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If any debt securities are issued at an original issue discount, then the offering may be in such greater principal amount as shall result in a maximum aggregate offering price not to exceed $500,000,000.
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(5)
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There is being registered hereunder an indeterminate number of warrants as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $500,000,000.
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(6)
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There is being registered hereunder an indeterminate number of purchase contracts as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $500,000,000.
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(7)
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There is being registered hereunder an indeterminate number of rights as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $500,000,000.
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(8)
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There is being registered hereunder an indeterminate number of units as may from time to time be sold at indeterminate prices not to exceed an aggregate offering price of $500,000,000. Units may consist of any combination of the securities offered by Dorian LPG Ltd. registered hereunder.
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ABOUT THIS PROSPECTUS
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i
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PROSPECTUS SUMMARY
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1
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FORWARD-LOOKING STATEMENTS
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6
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RISK FACTORS
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8
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RATIO OF EARNINGS TO FIXED CHARGES
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11
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USE OF PROCEEDS
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12
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DILUTION
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13
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PLAN OF DISTRIBUTION
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14
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DESCRIPTION OF CAPITAL STOCK
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16
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CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS | 23 |
DESCRIPTION OF DEBT SECURITIES
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27
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DESCRIPTION OF WARRANTS
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35
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DESCRIPTION OF PURCHASE CONTRACTS
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36
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DESCRIPTION OF RIGHTS
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37
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DESCRIPTION OF UNITS
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38
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ENFORCEABILITY OF CIVIL LIABILITIES
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39
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LEGAL MATTERS
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39
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EXPERTS
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39
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WHERE YOU CAN FIND ADDITIONAL INFORMATION
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40
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INFORMATION INCORPORATED BY REFERENCE
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40
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DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
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42
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Capacity
(Cbm)
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Shipyard
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Sister
Ships
|
Year Built/
Estimated
Delivery
(1)
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ECO
Vessel
(2)
|
Employment
(3)
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Charter Expiration
(1)
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||
OPERATING FLEET
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||||||||
VLGCs
|
||||||||
Captain Nicholas ML
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82,000
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Hyundai
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A
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2008
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—
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Pool
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—
|
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Captain John NP
(4)
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82,000
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Hyundai
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A
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2007
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—
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Spot
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—
|
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Captain Markos NL
(5)
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82,000
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Hyundai
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A
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2006
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—
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Time Charter
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Q4 2019
|
|
Comet
(6)
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84,000
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Hyundai
|
B
|
2014
|
X
|
Time Charter
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Q3 2019
|
|
Corsair
(7)
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84,000
|
Hyundai
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B
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2014
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X
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Time Charter
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Q3 2018
|
|
Corvette
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Cougar
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Concorde
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Cobr
a
(8)
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84,000
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Hyundai
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B
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2015
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X
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Pool
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Q3 2016
|
|
Continental
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Constitution
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Commodore
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Cresques
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84,000
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Daewoo
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C
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2015
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X
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Pool
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—
|
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Constellation
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Clermont
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
|
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Cheyenne
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
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Cratis
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84,000
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Daewoo
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C
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2015
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X
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Pool
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—
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Commander
(9)
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84,000
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Hyundai
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B
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2015
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X
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Time Charter
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Q4 2020
|
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Chaparral
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84,000
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Hyundai
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B
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2015
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X
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Pool
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—
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Copernicus
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84,000
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Daewoo
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C
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2015
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X
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Pool
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—
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PGC
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||||||||
Grendon
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5,000
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Higaki
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1996
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—
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Spot
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—
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NEWBUILDING VLGCs
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||||||||
Challenger
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84,000
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Hyundai
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B
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Q4 2015
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X
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—
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—
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Caravelle
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84,000
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Hyundai
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B
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Q1 2016
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X
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—
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—
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Total
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1,847,000
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(1)
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Represents calendar year quarters.
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(2)
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Represents vessels with very low revolutions per minute, long
‑
stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint.
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(3)
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"Pool" indicates that the vessel is operated in the Helios Pool and we receive as charter hire a portion of the net income of the pool calculated according to a formula based on the vessel's pro rata performance in the pool.
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(4)
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Will be redelivered into the Helios Pool in December 2015.
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(5)
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Currently on time charter with an oil major that began in December 2014.
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(6)
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Currently on time charter with an oil major that began in July 2014.
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(7)
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Currently on time charter with an oil major that began in July 2015.
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(8)
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Currently on a time charter with an oil major within the Helios Pool that began in July 2015.
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(9)
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Currently on a time charter with a major oil company that began in November 2015.
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· | Dorian LPG (USA) LLC provides financial and commercial management services to us; |
· | Dorian LPG (UK) Ltd. provides chartering, post-fixture operations, legal and risk management services for us; and |
· | Dorian LPG Management Corp., located in Athens, Greece, provides technical, health/safety/environmental/quality, human resource and accounting services to us. |
· | exemption from the auditor attestation requirement in the assessment of the emerging growth company's internal controls over financial reporting; |
· | exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies; and |
· | exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to our auditor's report in which the auditor would be required to provide additional information about the audit and our financial statements. |
· | future operating or financial results; |
· | our limited operating history; |
· | pending or recent acquisitions, business strategy and expected capital spending or operating expenses; |
· | worldwide production of oil and natural gas, including production from U.S. shale fields; |
· | completion of infrastructure projects to support marine transportation of LPG, including export terminals, and pipelines; |
· | competition in the marine transportation industry; |
· | oversupply of LPG vessels comparable to ours; |
· | supply and demand for LPG, which is affected by the production levels and price of oil, refined petroleum products and natural gas; |
· | global and regional economic and political conditions, including government policies concerning oil and gas; |
· | shipping market trends, including charter rates, factors affecting supply and demand and world fleet composition; |
· | ability to employ our vessels profitably; |
· | our limited number of assets and small number of customers; |
· | performance by the counterparties to our charter agreements; |
· | termination of our customer contracts; |
· | delays and cost overruns in vessel construction projects; |
· | our ability to incur additional indebtedness under and compliance with restrictions and covenants in our debt agreements; |
· | our need for cash to meet our debt service obligations and to pay installments in connection with our newbuilding vessels; |
· | our levels of operating and maintenance costs; |
· | our dependence on key personnel; |
· | availability of skilled workers and the related labor costs; |
· | compliance with governmental, tax, environmental and safety regulation; |
· | changes in tax laws, treaties or regulations; |
· | any non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA"), the U.K. Bribery Act 2010, or other applicable regulations relating to bribery; |
· | general global economic conditions and conditions in the oil and natural gas industry; |
· | effects of new products and new technology in our industry; |
· | operating hazards in the maritime transportation industry; |
· | adequacy of insurance coverage in the event of a catastrophic event; |
· | the volatility of the price of our common shares; |
· | our incorporation under the laws of the Republic of the Marshall Islands and the limited rights to relief that may be available compared to other countries, including the United States; |
· | our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities, the terms of such financing and our ability to comply with covenants set forth in our existing and future financing arrangements; and |
· | expectations regarding vessel acquisitions. |
· | supply and demand for LPG, which is affected by the production levels and price of oil, refined petroleum products and natural gas; |
· | worldwide production of oil and natural gas, including production from U.S. shale fields; |
· | global and regional economic conditions; |
· | the distance LPG products are to be moved by sea; |
· | completion of infrastructure projects to support marine transportation of LPG, including export terminals and pipelines; |
· | availability of competing LPG vessels; |
· | availability of alternative transportation means; |
· | changes in seaborne and other transportation patterns; |
· | development and exploitation of alternative fuels and non-conventional hydrocarbon production; |
· | governmental regulations, including environmental or restrictions on offshore transportation of LPG; |
· | local and international political, economic and weather conditions; |
· | domestic and foreign tax policies; |
· | accidents, severe weather, natural disasters and other similar incidents relating to the natural gas industry; and |
· | weather. |
· | the number of newbuilding deliveries; |
· | availability of berths in shipyards producing such vessels; |
· | the scrapping rate of older vessels; |
· | LPG vessel prices; |
· | changes in environmental and other regulations that may limit the useful lives of vessels; and |
· | the number of vessels that are out of service. |
Dorian LPG Ltd.
|
Predecessor Businesses of Dorian LPG Ltd.
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|||||||||||||||||||||||
Six months ended
September 30, 2015
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Year ended
March 31, 2015
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July 1, 2013 (inception) to March 31, 2014
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Period April 1, 2013 to
July 28, 2013
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Year ended
March 31, 2013
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Year ended
March 31, 2012
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|||||||||||||||||||
Earnings:
|
||||||||||||||||||||||||
Net income
|
$
|
54,866,147
|
$
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25,260,782
|
$
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2,833,843
|
$
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4,404,927
|
$
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(4,850,697
|
)
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$
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(9,472,320
|
)
|
||||||||||
Fixed charges (below)
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4,697,450
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3,790,710
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2,551,216
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762,815
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2,568,985
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2,415,855
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||||||||||||||||||
Less: interest capitalized
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(3,630,321
|
)
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(3,501,620
|
)
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(972,010
|
)
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—
|
—
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—
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|||||||||||||||
Total earnings
|
$
|
55,933,276
|
$
|
25,549,872
|
$
|
4,413,049
|
$
|
5,167,742
|
$
|
(2,281,712
|
)
|
$
|
(7,056,465
|
)
|
||||||||||
Fixed charges:
|
||||||||||||||||||||||||
Interest and finance costs
|
$
|
1,067,129
|
$
|
289,090
|
$
|
1,579,206
|
$
|
762,815
|
$
|
2,568,985
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$
|
2,415,855
|
||||||||||||
Interest capitalized
|
3,630,321
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3,501,620
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972,010
|
—
|
—
|
—
|
||||||||||||||||||
Total fixed charges
|
$
|
4,697,450
|
$
|
3,790,710
|
$
|
2,551,216
|
$
|
762,815
|
$
|
2,568,985
|
$
|
2,415,855
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||||||||||||
Ratio of earnings to fixed charges(1)(2)
|
11.91
|
6.74
|
1.73
|
6.77
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(0.89
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)(3)
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(2.92
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)(3)
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(1) | For purposes of computing the consolidated ratio of earnings to fixed charges, "earnings" consist of net income prepared under U.S. GAAP, plus fixed charges, less capitalized interest. "Fixed charges" represent interest incurred and capitalized and amortization of deferred financing costs. The consolidated ratio of earnings to fixed charges is a ratio that we are required to present in this prospectus supplement and has been calculated in accordance with SEC rules and regulations. This ratio has no application to our credit facilities, and we believe is not a ratio generally used by investors to evaluate our overall operating performance. |
(2) | As we have no preferred stock issued, a ratio of earnings to combined fixed charges and preferred dividends is not presented. |
(3) | The Predecessor Businesses of Dorian LPG Ltd.'s earnings were insufficient to cover fixed charges and accordingly, the ratio was less than 1:1. The Predecessor Businesses of Dorian LPG Ltd. would have needed to generate additional earnings of $4,850,697 and $9,472,320 to achieve coverage of 1:1 in the years ended March 31, 2013 and 2012, respectively. |
· | a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction; |
· | purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; or |
· | ordinary brokerage transactions and transactions in which a broker solicits purchasers. |
· | enter into transactions involving short sales of our common shares by broker-dealers; |
· | sell common shares short and deliver the shares to close out short positions; |
· | enter into option or other types of transactions that require us to deliver common shares to a broker-dealer, who will then resell or transfer the common shares under this prospectus; or |
· | loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares. |
· | the designation of the series; |
· | the number of shares of the series, which our board may, except where otherwise provided in the preferred shares designation, increase or decrease, but not below the number of shares then outstanding; |
· | whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series; |
· | the dates at which dividends, if any, will be payable; |
· | the redemption rights and price or prices, if any, for shares of the series; |
· | the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series; |
· | the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of our company; |
· | whether the shares of the series will be convertible into shares of any other class or series, or any other security, of our company or any other corporation, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates and any rate adjustments; |
· | restrictions on the issuance of shares of the same series or of any other class or series; and |
· | the voting rights, if any, of the holders of the series. |
· | any person who is the beneficial owner of 15% or more of our outstanding voting stock; or |
· | any person who is our affiliate or associate and who held 15% or more of our outstanding voting stock at any time within three years before the date on which the person's status as an interested shareholder is determined, and the affiliates and associates of such person. |
· | certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours; |
· | any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our assets, determined on a combined basis, or the aggregate value of all of our outstanding stock; |
· | certain transactions that result in the issuance or transfer by us of any stock of ours to the interested shareholder; |
· | any transaction involving us or any of our subsidiaries that has the effect of increasing the proportionate share of any class or series of stock, or securities convertible into any class or series of stock, of ours or any such subsidiary that is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested shareholder; and |
· | any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through us. |
· | before a person became an interested shareholder, our board of directors approved either the business combination or the transaction in which the shareholder became an interested shareholder; |
· | upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than certain excluded shares; |
· | at or following the transaction in which the person became an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock that is not owned by the interest shareholder; |
· | the shareholder was or became an interested shareholder prior to the closing of this initial public offering; |
· | a shareholder became an interested shareholder inadvertently and (i) as soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; and (ii) would not, at any time within the three-year period immediately prior to a business combination between us and such shareholder, have been an interested shareholder but for the inadvertent acquisition of ownership; or |
· | the business combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required under our articles of incorporation which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an interested shareholder during the previous three years or who became an interested shareholder with the approval of the board; and (iii) is approved or not opposed by a majority of the members of the board of directors then in office (but not less than one) who were directors prior to any person becoming an interested shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to: |
(i) | a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders is required); |
(ii) | a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market value of all the outstanding shares; or |
(iii) | a proposed tender or exchange offer for 50% or more of our outstanding voting stock. |
Marshall Islands
|
Delaware
|
|
Shareholder Meetings and Voting Rights
|
||
Held at a time and place as designated or in the manner provided in the bylaws
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Held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors
|
|
Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws.
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Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.
|
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May be held within or outside the Republic of the Marshall Islands
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May be held within or outside Delaware
|
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Notice:
Whenever shareholders are required or permitted to take action at a meeting, written notice shall state the place, date and hour of the meeting and, unless it is the annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting
A copy of the notice of any meeting shall be given not less than 15 nor more than 60 days before the meeting
|
Notice:
Whenever shareholders are required or permitted to take any action at a meeting, written notice shall state the place, if any, date and hour of the meeting and the means of remote communication, if any, by which shareholders may be deemed to be present and vote at the meeting
Written notice of any meeting shall be given not less than 10 nor more than 60 days before the date of the meeting
|
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Any action required or permitted to be taken by meeting of shareholders may be taken without meeting if consent is in writing and is signed by all the shareholders entitled to vote
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Unless otherwise provided in the certificate of incorporation, any action required or permitted to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote if consent is in writing and signed by the holders of outstanding stock having the number of votes necessary to authorize or take action at a meeting
|
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Each shareholder entitled to vote may authorize another person to act for him by proxy
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Each shareholder entitled to vote may authorize another person or persons to act for each shareholder by proxy
|
|
Marshall Islands
|
Delaware
|
|
Shareholder Meetings and Voting Rights
|
||
Unless otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote shall constitute a quorum but in no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting
|
The certificate of incorporation or bylaws may specify the number necessary to constitute a quorum but in no event shall a quorum consist of less than one-third of the shares entitled to vote at the meeting. In the absence of such specifications, a majority of shares entitled to vote at the meeting shall constitute a quorum
|
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When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.
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When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.
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Except as otherwise required by the BCA or our articles of incorporation, directors shall be elected by a plurality of the votes cast by holders of shares entitled to vote, and, except as required or permitted by the BCA or our articles of incorporation, any other corporate action shall be authorized by a majority of votes cast by holders of shares entitled to vote thereon
|
Unless otherwise specified in the certificate of incorporation or bylaws, directors shall be elected by a plurality of the votes of the shares entitled to vote on the election of directors, and, in all other matters, the affirmative vote of the majority of the shares entitled to vote on the subject matter shall be the act of the shareholders
|
|
The articles of incorporation may provide for cumulative voting
|
The certificate of incorporation may provide for cumulative voting
|
|
Dissenters' Rights of Appraisal
|
||
Shareholders have a right to dissent from a merger or consolidation or sale or exchange of all or substantially all assets not made in the usual and regular course of business, and receive payment of the fair value of their shares, subject to exceptions
|
Appraisal rights shall be available for the shares of a corporation in a merger or consolidation, subject to exceptions
|
|
A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:
|
The certificate of incorporation may provide that appraisal rights are available for shares as a result of an amendment to the certificate of incorporation, any merger or consolidation or the sale of all or substantially all of the assets
|
|
Alters or abolishes any preferential right of any outstanding shares having preferences; or
|
||
Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or
|
||
Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or
|
||
Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class
|
·
|
Any or all of the directors may be removed for cause by vote of the shareholders.
|
·
|
Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote except: (1) unless the certificate of incorporation otherwise provides, in the case of a corporation whose board is classified, stockholders may effect such removal only for cause, or (2) if the corporation has cumulative voting, if less than the entire board is to be removed, no director may be removed without cause if the votes cast against such director's removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there be
classes of directors, at an election of the class of directors of which such director is a part.
|
|
·
|
If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.
|
|||
Number of board members may be fixed by the bylaws, by the shareholders, or by action of the board under the specific provisions of a by-law
|
||||
Number of board members may be changed by amendment of the bylaws, by the shareholders or by action of the board under specific provision of a by-law; however if the board is authorized to change the number of directors, it can only do so by a majority of the entire board
|
Number of board members shall be fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate
|
|||
Duties of Directors
|
||
Members of a board of directors owe a fiduciary duty to the company to act honestly and in good faith with a view to the best interests of the company and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
|
The business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders.
|
· | the designation, aggregate principal amount and authorized denominations; |
· | the issue price, expressed as a percentage of the aggregate principal amount; |
· | the maturity date; |
· | the interest rate per annum, if any; |
· | if the offered debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment of interest will commence and the regular record dates for interest payment dates; |
· | any optional or mandatory sinking fund provisions or conversion or exchangeability provisions; |
· | the date, if any, after which and the price or prices at which the offered debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory redemptions; |
· | if other than denominations of $1,000 and any integral multiple thereof, the denominations in which offered debt securities of the series will be issuable; |
· | if other than the full principal amount, the portion of the principal amount of offered debt securities of the series which will be payable upon acceleration or provable in bankruptcy; |
· | any events of default not set forth in this prospectus; |
· | the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States of America; |
· | if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the offered debt securities of the series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made; |
· | whether interest will be payable in cash or additional securities at our or the holder's option and the terms and conditions upon which the election may be made; |
· | if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of America for purposes of determining the voting rights of holders of those debt securities under the applicable indenture; |
· | if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the offered debt securities of the series are stated to be payable, the manner in which the amounts will be determined; |
· | any restrictive covenants or other material terms relating to the offered debt securities, which may not be inconsistent with the applicable indenture; |
· | whether the offered debt securities will be issued in the form of global securities or certificates in registered form; |
· | any terms with respect to subordination; |
· | any listing on any securities exchange or quotation system; |
· | additional provisions, if any, related to defeasance and discharge of the offered debt securities; and |
· | the applicability of any guarantees. |
· | the principal, premium, if any, interest and any other amounts owing in respect of our indebtedness for money borrowed and indebtedness evidenced by securities, notes, debentures, bonds or other similar instruments issued by us, including the senior debt securities or letters of credit; |
· | all capitalized lease obligations; |
· | all hedging obligations; |
· | all obligations representing the deferred purchase price of property; and |
· | all deferrals, renewals, extensions and refundings of obligations of the type referred to above; |
· | subordinated debt securities; and |
· | any indebtedness that by its terms is subordinated to, or ranks on an equal basis with, our subordinated debt securities. |
· | the ability of us or our subsidiaries to incur either secured or unsecured debt, or both; |
· | the ability to make certain payments, dividends, redemptions or repurchases; |
· | our ability to create dividend and other payment restrictions affecting our subsidiaries; |
· | our ability to make investments; |
· | mergers and consolidations by us or our subsidiaries; |
· | sales of assets by us; |
· | our ability to enter into transactions with affiliates; |
· | our ability to incur liens; and |
· | sale and leaseback transactions. |
Modification of the Indentures
|
· | default in any payment of interest when due which continues for 30 days; |
· | default in any payment of principal or premium when due; |
· | default in the deposit of any sinking fund payment when due; |
· | default in the performance of any covenant in the debt securities or the applicable indenture which continues for 60 days after we receive notice of the default; |
· | default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or liable therefor) having a principal amount in excess of a minimum amount set forth in the applicable subsequent filing, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the default; and |
· | events of bankruptcy, insolvency or reorganization. |
· | the depository for such global securities notifies us that it is unwilling or unable to continue as depository or such depository ceases to be a clearing agency registered under the Exchange Act and, in either case, a successor depository is not appointed by us within 90 days after we receive the notice or become aware of the ineligibility; |
· | we in our sole discretion determine that the global securities shall be exchangeable for certificated debt securities; or |
· | there shall have occurred and be continuing an event of default under the applicable indenture with respect to the debt securities of that series. |
· | the title of such warrants; |
· | the aggregate number of such warrants; |
· | the price or prices at which such warrants will be issued; |
· | the currency or currencies, in which the price of such warrants will be payable; |
· | the securities or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing, purchasable upon exercise of such warrants; |
· | the price at which and the currency or currencies, in which the securities or other rights purchasable upon exercise of such warrants may be purchased; |
· | the date on which the right to exercise such warrants shall commence and the date on which such right shall expire; |
· | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
· | if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; |
· | if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
· | information with respect to book-entry procedures, if any; |
· | if applicable, a discussion of any material U.S. federal income tax considerations; and |
· | any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
· | debt or equity securities issued by us, a basket of such securities, an index or indices of such securities or any combination of the above as specified in the applicable prospectus supplement; or |
· | currencies. |
· | the exercise price for the rights; |
· | the number of rights issued to each stockholder; |
· | the extent to which the rights are transferable; |
· | any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights; |
· | the date on which the right to exercise the rights will commence and the date on which the right will expire; |
· | the amount of rights outstanding; |
· | the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and |
· | the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering. |
· | the terms of the units and of the securities comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately; |
· | a description of the terms of any unit agreement governing the units; |
· | if applicable, a discussion of any material U.S. federal income tax considerations; and |
· | a description of the provisions for the payment, settlement, transfer or exchange of the units. |
· | our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, filed with the SEC on June 4, 2015, including portions of our proxy statement from our 2015 Annual Meeting of Stockholders held on July 23, 2015 to the extent incorporated by reference into our Annual Report on Form 10-K; |
· | our Quarterly Report on Form 10-Q for the fiscal period ended June 30, 2015, filed with the SEC on August 5, 2015; |
· | our Report on Form 8-K, filed with the SEC on June 19, 2015; |
· | our Report on Form 8-K, filed with the SEC on June 24, 2015; |
· | our Report on Form 8-K, filed with the SEC on June 29, 2015; |
· | our Report on Form 8-K, filed with the SEC on July 28, 2015; |
· | our Report on Form 8-K, filed with the SEC on August 20, 2015; |
· | our Report on Form 8-K, filed with the SEC on September 3, 2015; |
· | our Report on Form 8-K, filed with the SEC on October 5, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on October 13, 2015 ; |
· | our Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2015, filed with the SEC on October 29, 2015; |
· | our Report on Form 8-K, filed with the SEC on October 30, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on November 3, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on November 5, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on November 23, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on November 25, 2015 ; |
· | our Report on Form 8-K, filed with the SEC on December 4, 2015 ; |
· | our "Description of Registrant's Securities to be Registered" contained in our registration statement on Form 8-A (File No. 001-36437), filed with the Commission on May 2, 2014; and |
· | all documents we file with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated. |
* | To be updated, if necessary, by amendment or supplement to this registration statement. |
(1) | all civil liabilities, loss, damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such director or officer acting in the reasonable belief that he has been so appointed or elected notwithstanding any defect in such appointment or election, provided always that such indemnity shall not extend to any matter which would render it void pursuant to any Marshall Islands statute from time to time in force concerning companies insofar as the same applies to the Registrant (the "Companies Acts"); and |
(2) | all liabilities incurred by him as such director or officer in defending any proceedings, whether civil or criminal, in which judgment is given in his favor, or in which he is acquitted, or in connection with any application under the Companies Acts in which relief from liability is granted to him by the court. |
(1) | Actions not by or in right of the corporation . A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful. |
(2) | Actions by or in right of the corporation . A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper. |
(3) | When director or officer successful . To the extent that director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith. |
(4) | Payment of expenses in advance . Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this section. |
(5) | Indemnification pursuant to other rights . The indemnification and advancement of expenses provided by or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. |
(6) | Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. |
(7) | Insurance . A corporation shall have power to purchase and maintain insurance or behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section. |
Exhibit Number
|
Description
|
|
1.1
|
Form of Underwriting Agreement (for equity securities)*
|
|
1.2
|
Form of Underwriting Agreement (for debt securities)*
|
|
3.1
|
Articles of Incorporation, incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form F-1 (Registration Number 333-194434)
|
|
3.2
|
Bylaws, incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form F-1 (Registration Number 333-194434)
|
|
3.3
|
Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form F-1 (Registration Number 333-194434)
|
|
4.1
|
Form of Common Share Certificate, incorporated by reference to Exhibit 4.1 to the Company's Registration Statement on Form F-1 (Registration Number 333-194434)
|
|
4.2
|
Form of Preferred Share Certificate*
|
|
4.4
|
Form of Warrant Certificate*
|
|
4.5
|
Form of Rights Certificate*
|
|
4.6
|
Form of Senior Debt Securities Indenture
|
|
4.7
|
Form of Subordinated Debt Securities Agreement
|
|
4.8
|
Form of Warrant Agreement*
|
|
4.9
|
Form of Purchase Contract*
|
|
4.10
|
Form of Rights Agreement*
|
|
4.11
|
Form of Unit Agreement*
|
|
5.1
|
Opinion of Seward & Kissel LLP, United States and Marshall Islands counsel to the Company
|
|
8.1
|
Opinion of Seward & Kissel LLP, with respect to certain tax matters
|
|
23.1
|
Consent of Deloitte Hadjipavlou Sofianos & Cambanis S.A.
|
|
23.2
|
Consent of Seward & Kissel LLP (included in its opinion filed as Exhibit 5.1)
|
|
23.3
|
Consent of Seward & Kissel LLP (included in its opinion filed as Exhibit 8.1)
|
|
24.1
|
Powers of Attorney (
incorporated by reference to the signature page of this Registration Statement
)
|
|
25.1
|
Form T-1 Statement of Eligibility of Trustee under Debt Indenture (senior indenture)**
|
|
25.2
|
Form T-1 Statement of Eligibility of Trustee under Debt Indenture (subordinated indenture)**
|
* | To be filed by amendment or as an exhibit to a current report on Form 8-K and incorporated by reference herein, if applicable. |
** | To be filed in accordance with the requirements of Section 305(b)(2) of the Trust Indenture Act of 1939, as amended, and the applicable rules thereunder. |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(5) | That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. |
(1) | To supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed securities to be purchased by the underwriters, and the terms of any subsequent reoffering thereof. If any public offering by the underwriters is to be made on terms differing from those set forth on the cover page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering. |
(2) | That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
(4) | For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. |
(5) | For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(6) | To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under section 305(b)(2) of the Trust Indenture Act. |
DORIAN LPG LTD.
|
|||
By:
|
/s/ John C. Hadjipateras
|
||
Name: John C. Hadjipateras
|
|||
Title: Chairman, President and Chief Executive Officer; President, Dorian LPG (USA) LLC
|
Signature
|
Title
|
|
/s/ John C. Hadjipateras
|
Chairman, President and Chief Executive Officer; President, Dorian LPG (USA) LLC (Principal Executive Officer)
|
|
John C. Hadjipateras
|
||
/s/ Theodore B. Young
|
Chief Financial Officer and Treasurer; Chief Financial Officer and Treasurer, Dorian LPG (USA) LLC (Principal Financial Officer and Principal Accounting Officer)
|
|
Theodore B. Young
|
||
/s/ John C. Lycouris
|
Director; Chief Executive Officer, Dorian LPG (USA) LLC
|
|
John C. Lycouris
|
||
/s/ Thomas J. Coleman
|
Director
|
|
Thomas J. Coleman
|
||
/s/ Charles Fabrikant
|
Director
|
|
Charles Fabrikant
|
||
/s/ Ted Kalborg
|
Director
|
|
Ted Kalborg
|
||
/s/ Øivind Lorentzen
|
Director
|
|
Øivind Lorentzen
|
||
/s/ Malcolm McAvity
|
Director
|
|
Malcolm McAvity
|
||
/s/ David Savett
|
Director
|
|
David Savett
|
||
/s/ Christina Tan
|
Director
|
|
Christina Tan
|
||
Page
|
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
|
1
|
|
SECTION 1.01.
|
Definitions.
|
1
|
SECTION 1.02.
|
Other Definitions.
|
5
|
SECTION 1.03.
|
Incorporation by Reference of Trust Indenture Act.
|
5
|
SECTION 1.04.
|
Rules of Construction.
|
6
|
ARTICLE II THE SECURITIES
|
6
|
|
SECTION 2.01.
|
Issuable in Series.
|
6
|
SECTION 2.02.
|
Establishment of Terms of Series of Securities.
|
7
|
SECTION 2.03.
|
Execution and Authentication.
|
9
|
SECTION 2.04.
|
Registrar and Paying Agent.
|
10
|
SECTION 2.05.
|
Paying Agent to Hold Money in Trust.
|
10
|
SECTION 2.06.
|
Securityholder Lists.
|
11
|
SECTION 2.07.
|
Transfer and Exchange.
|
11
|
SECTION 2.08.
|
Mutilated, Destroyed, Lost and Stolen Securities.
|
12
|
SECTION 2.09.
|
Outstanding Securities.
|
12
|
SECTION 2.10.
|
Treasury Securities.
|
13
|
SECTION 2.11.
|
Temporary Securities.
|
13
|
SECTION 2.12.
|
Cancellation.
|
13
|
SECTION 2.13.
|
Defaulted Interest.
|
14
|
SECTION 2.14.
|
Global Securities.
|
14
|
SECTION 2.15.
|
CUSIP Numbers.
|
16
|
ARTICLE III REDEMPTION
|
16
|
|
SECTION 3.01.
|
Notice to Trustee.
|
16
|
SECTION 3.02.
|
Selection of Securities to be Redeemed.
|
16
|
SECTION 3.03.
|
Notice of Redemption.
|
17
|
SECTION 3.04.
|
Effect of Notice of Redemption.
|
17
|
SECTION 3.05.
|
Deposit of Redemption Price.
|
18
|
SECTION 3.06.
|
Securities Redeemed in Part.
|
18
|
ARTICLE IV COVENANTS
|
18
|
|
SECTION 4.01.
|
Payment of Principal and Interest.
|
18
|
SECTION 4.02.
|
SEC Reports.
|
18
|
SECTION 4.03.
|
Compliance Certificate.
|
19
|
SECTION 4.04.
|
Stay, Extension and Usury Laws.
|
20
|
SECTION 4.05.
|
Corporate Existence.
|
20
|
SECTION 4.06.
|
Taxes.
|
20
|
SECTION 4.07.
|
Additional Interest Notice.
|
20
|
SECTION 4.08.
|
Further Instruments and Acts.
|
20
|
ARTICLE V SUCCESSORS
|
21
|
|
SECTION 5.01.
|
When Company May Merge, Etc.
|
21
|
SECTION 5.02.
|
Successor Corporation Substituted.
|
21
|
ARTICLE VI DEFAULTS AND REMEDIES
|
21
|
|
SECTION 6.01.
|
Events of Default.
|
21
|
SECTION 6.02.
|
Acceleration of Maturity; Rescission and Annulment.
|
23
|
SECTION 6.03.
|
Collection of Indebtedness and Suits for Enforcement by Trustee.
|
25
|
SECTION 6.04.
|
Trustee May File Proofs of Claim.
|
25
|
SECTION 6.05.
|
Trustee May Enforce Claims Without Possession of Securities.
|
26
|
SECTION 6.06.
|
Application of Money Collected.
|
26
|
SECTION 6.07.
|
Limitation on Suits.
|
26
|
SECTION 6.08.
|
Unconditional Right of Holders to Receive Principal and Interest.
|
27
|
SECTION 6.09.
|
Restoration of Rights and Remedies.
|
27
|
SECTION 6.10.
|
Rights and Remedies Cumulative.
|
27
|
SECTION 6.11.
|
Delay or Omission Not Waiver.
|
27
|
SECTION 6.12.
|
Control by Holders.
|
28
|
SECTION 6.13.
|
Waiver of Past Defaults.
|
28
|
SECTION 6.14.
|
Undertaking for Costs.
|
28
|
ARTICLE VII TRUSTEE
|
29
|
|
SECTION 7.01.
|
Duties of Trustee.
|
29
|
SECTION 7.02.
|
Rights of Trustee.
|
30
|
SECTION 7.03.
|
Individual Rights of Trustee.
|
31
|
SECTION 7.04.
|
Trustee's Disclaimer.
|
31
|
SECTION 7.05.
|
Notice of Defaults.
|
31
|
SECTION 7.06.
|
Reports by Trustee to Holders.
|
31
|
SECTION 7.07.
|
Compensation and Indemnity.
|
32
|
SECTION 7.08.
|
Replacement of Trustee.
|
32
|
SECTION 7.09.
|
Successor Trustee by Merger, etc.
|
33
|
SECTION 7.10.
|
Eligibility; Disqualification.
|
33
|
SECTION 7.11.
|
Preferential Collection of Claims Against Company.
|
34
|
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
|
34
|
|
SECTION 8.01.
|
Satisfaction and Discharge of Indenture.
|
34
|
SECTION 8.02.
|
Application of Trust Funds; Indemnification.
|
35
|
SECTION 8.03.
|
Legal Defeasance of Securities of any Series.
|
36
|
SECTION 8.04.
|
Covenant Defeasance.
|
37
|
SECTION 8.05.
|
Repayment to Company.
|
38
|
ARTICLE IX AMENDMENTS AND WAIVERS
|
38
|
|
SECTION 9.01.
|
Without Consent of Holders.
|
38
|
SECTION 9.02.
|
With Consent of Holders.
|
39
|
SECTION 9.03.
|
Limitations.
|
40
|
SECTION 9.04.
|
Compliance with Trust Indenture Act.
|
40
|
SECTION 9.05.
|
Revocation and Effect of Consents.
|
41
|
SECTION 9.06.
|
Notation on or Exchange of Securities.
|
41
|
SECTION 9.07.
|
Trustee Protected.
|
41
|
SECTION 9.08.
|
Effect of Supplemental Indenture.
|
41
|
ARTICLE X MISCELLANEOUS
|
42
|
|
SECTION 10.01.
|
Trust Indenture Act Controls.
|
42
|
SECTION 10.02.
|
Notices.
|
42
|
SECTION 10.03.
|
Communication by Holders with Other Holders.
|
43
|
SECTION 10.04.
|
Certificate and Opinion as to Conditions Precedent.
|
43
|
SECTION 10.05.
|
Statements Required in Certificate or Opinion.
|
43
|
SECTION 10.06.
|
Record Date for Vote or Consent of Holders.
|
44
|
SECTION 10.07.
|
Rules by Trustee and Agents.
|
44
|
SECTION 10.08.
|
Legal Holidays.
|
44
|
SECTION 10.09.
|
No Recourse Against Others.
|
44
|
SECTION 10.10.
|
Counterparts.
|
44
|
SECTION 10.11.
|
Governing Laws and Submission to Jurisdiction.
|
45
|
SECTION 10.12.
|
No Adverse Interpretation of Other Agreements.
|
45
|
SECTION 10.13.
|
Successors.
|
45
|
SECTION 10.14.
|
Severability.
|
45
|
SECTION 10.15.
|
Table of Contents, Headings, Etc.
|
45
|
SECTION 10.16.
|
Securities in a Foreign Currency or in ECU.
|
46
|
SECTION 10.17.
|
Judgment Currency.
|
46
|
SECTION 10.18.
|
Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.
|
47
|
ARTICLE XI SINKING FUNDS
|
47
|
|
SECTION 11.01.
|
Applicability of Article.
|
47
|
SECTION 11.02.
|
Satisfaction of Sinking Fund Payments with Securities.
|
48
|
SECTION 11.03.
|
Redemption of Securities for Sinking Fund.
|
48
|
Section 310(a)(1)
|
7.10
|
(a)(2)
|
7.10
|
(a)(3)
|
Not Applicable
|
(a)(4)
|
Not Applicable
|
(a)(5)
|
7.10
|
(b)
|
7.10
|
(c)
|
Not Applicable
|
Section 311(a)
|
7.11
|
(b)
|
7.11
|
(c)
|
Not Applicable
|
Section 312(a)
|
2.06
|
(b)
|
10.03
|
(c)
|
10.03
|
Section 313(a)
|
7.06
|
(b)(1)
|
7.06
|
(b)(2)
|
7.06
|
(c)(1)
|
7.06
|
(d)
|
7.06
|
Section 314(a)
|
4.02, 10.05
|
(b)
|
Not Applicable
|
(c)(1)
|
10.04
|
(c)(2)
|
10.04
|
(c)(3)
|
Not Applicable
|
(d)
|
Not Applicable
|
(e)
|
10.05
|
(f)
|
Not Applicable
|
Section 315(a)
|
7.01
|
(b)
|
7.05
|
(c)
|
7.01
|
(d)
|
7.01
|
(e)
|
6.14
|
Section 316(a)(1)(A)
|
6.12
|
(a)(1)(B)
|
6.13
|
(a)(2)
|
Not Applicable
|
(b)
|
6.13
|
(c)
|
10.06
|
Section 317(a)(1)
|
6.03
|
(a)(2)
|
6.04
|
(b)
|
2.05
|
Section 318(a)
|
10.01
|
TERM
|
DEFINED IN SECTION
|
"Applicable Law"
|
10.18
|
"Event of Default"
|
6.01
|
"Instrument"
|
6.01
|
"Journal"
|
10.16
|
"Judgment Currency"
|
10.17
|
"Legal Holiday"
|
10.08
|
"mandatory sinking fund payment"
|
11.01
|
"Market Exchange Rate"
|
10.16
|
"New York Banking Day"
|
10.17
|
"optional sinking fund payment"
|
11.01
|
"Paying Agent"
|
2.04
|
"Registrar"
|
2.04
|
"Required Currency"
|
10.17
|
"successor person"
|
5.01
|
"Temporary Securities"
|
2.11
|
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
|
1
|
SECTION 1.01. Definitions.
|
1
|
SECTION 1.02. Other Definitions.
|
5
|
SECTION 1.03. Incorporation by Reference of Trust Indenture Act.
|
5
|
SECTION 1.04. Rules of Construction.
|
6
|
ARTICLE II THE SECURITIES
|
6
|
SECTION 2.01. Issuable in Series.
|
6
|
SECTION 2.02. Establishment of Terms of Series of Securities.
|
7
|
SECTION 2.03. Execution and Authentication.
|
9
|
SECTION 2.04. Registrar and Paying Agent.
|
10
|
SECTION 2.05. Paying Agent to Hold Money in Trust.
|
10
|
SECTION 2.06. Securityholder Lists.
|
11
|
SECTION 2.07. Transfer and Exchange.
|
11
|
SECTION 2.08. Mutilated, Destroyed, Lost and Stolen Securities.
|
12
|
SECTION 2.09. Outstanding Securities.
|
12
|
SECTION 2.10. Treasury Securities.
|
13
|
SECTION 2.11. Temporary Securities.
|
13
|
SECTION 2.12. Cancellation.
|
13
|
SECTION 2.13. Defaulted Interest.
|
14
|
SECTION 2.14. Global Securities.
|
14
|
SECTION 2.15. CUSIP Numbers.
|
16
|
ARTICLE III REDEMPTION
|
16
|
SECTION 3.01. Notice to Trustee.
|
16
|
SECTION 3.02. Selection of Securities to be Redeemed.
|
16
|
SECTION 3.03. Notice of Redemption.
|
17
|
SECTION 3.04. Effect of Notice of Redemption.
|
17
|
SECTION 3.05. Deposit of Redemption Price.
|
18
|
SECTION 3.06. Securities Redeemed in Part.
|
18
|
ARTICLE IV COVENANTS
|
18
|
SECTION 4.01. Payment of Principal and Interest.
|
18
|
SECTION 4.02. SEC Reports.
|
18
|
SECTION 4.03. Compliance Certificate.
|
19
|
SECTION 4.04. Stay, Extension and Usury Laws.
|
20
|
SECTION 4.05. Corporate Existence.
|
20
|
SECTION 4.06. Taxes.
|
20
|
SECTION 4.07. Additional Interest Notice
.
|
20
|
SECTION 4.08. Further Instruments and Acts.
|
20
|
ARTICLE V SUCCESSORS
|
21
|
SECTION 5.01. When Company May Merge, Etc.
|
21
|
SECTION 5.02. Successor Corporation Substituted.
|
21
|
ARTICLE VI DEFAULTS AND REMEDIES
|
21
|
SECTION 6.01. Events of Default.
|
21
|
SECTION 6.02. Acceleration of Maturity; Rescission and Annulment.
|
23
|
SECTION 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee.
|
25
|
SECTION 6.04. Trustee May File Proofs of Claim.
|
25
|
SECTION 6.05. Trustee May Enforce Claims Without Possession of Securities.
|
26
|
SECTION 6.06. Application of Money Collected.
|
26
|
SECTION 6.07. Limitation on Suits.
|
26
|
SECTION 6.08. Unconditional Right of Holders to Receive Principal and Interest.
|
27
|
SECTION 6.09. Restoration of Rights and Remedies.
|
27
|
SECTION 6.10. Rights and Remedies Cumulative.
|
27
|
SECTION 6.11. Delay or Omission Not Waiver.
|
27
|
SECTION 6.12. Control by Holders.
|
28
|
SECTION 6.13. Waiver of Past Defaults.
|
28
|
SECTION 6.14. Undertaking for Costs.
|
28
|
ARTICLE VII TRUSTEE
|
29
|
SECTION 7.01. Duties of Trustee.
|
29
|
SECTION 7.02. Rights of Trustee.
|
30
|
SECTION 7.03. Individual Rights of Trustee.
|
31
|
SECTION 7.04. Trustee's Disclaimer.
|
31
|
SECTION 7.05. Notice of Defaults.
|
31
|
SECTION 7.06. Reports by Trustee to Holders.
|
31
|
SECTION 7.07. Compensation and Indemnity.
|
32
|
SECTION 7.08. Replacement of Trustee.
|
32
|
SECTION 7.09. Successor Trustee by Merger, etc.
|
33
|
SECTION 7.10. Eligibility; Disqualification.
|
33
|
SECTION 7.11. Preferential Collection of Claims Against Company.
|
34
|
ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
|
34
|
SECTION 8.01. Satisfaction and Discharge of Indenture.
|
34
|
SECTION 8.02. Application of Trust Funds; Indemnification.
|
35
|
SECTION 8.03. Legal Defeasance of Securities of any Series.
|
36
|
SECTION 8.04. Covenant Defeasance.
|
37
|
SECTION 8.05. Repayment to Company.
|
38
|
ARTICLE IX AMENDMENTS AND WAIVERS
|
38
|
SECTION 9.01. Without Consent of Holders.
|
38
|
SECTION 9.02. With Consent of Holders.
|
39
|
SECTION 9.03. Limitations.
|
40
|
SECTION 9.04. Compliance with Trust Indenture Act.
|
40
|
SECTION 9.05. Revocation and Effect of Consents.
|
41
|
SECTION 9.06. Notation on or Exchange of Securities.
|
41
|
SECTION 9.07. Trustee Protected.
|
41
|
SECTION 9.08. Effect of Supplemental Indenture.
|
41
|
ARTICLE X MISCELLANEOUS
|
42
|
SECTION 10.01. Trust Indenture Act Controls.
|
42
|
SECTION 10.02. Notices.
|
42
|
SECTION 10.03. Communication by Holders with Other Holders.
|
43
|
SECTION 10.04. Certificate and Opinion as to Conditions Precedent.
|
43
|
SECTION 10.05. Statements Required in Certificate or Opinion.
|
43
|
SECTION 10.06. Record Date for Vote or Consent of Holders.
|
44
|
SECTION 10.07. Rules by Trustee and Agents.
|
44
|
SECTION 10.08. Legal Holidays.
|
44
|
SECTION 10.09. No Recourse Against Others.
|
44
|
SECTION 10.10. Counterparts.
|
44
|
SECTION 10.11. Governing Laws and Submission to Jurisdiction.
|
45
|
SECTION 10.12. No Adverse Interpretation of Other Agreements.
|
45
|
SECTION 10.13. Successors.
|
45
|
SECTION 10.14. Severability.
|
45
|
SECTION 10.15. Table of Contents, Headings, Etc.
|
45
|
SECTION 10.16. Securities in a Foreign Currency or in ECU.
|
46
|
SECTION 10.17. Judgment Currency.
|
46
|
SECTION 10.18. Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.
|
47
|
ARTICLE XI SINKING FUNDS
|
47
|
SECTION 11.01. Applicability of Article.
|
47
|
SECTION 11.02. Satisfaction of Sinking Fund Payments with Securities.
|
48
|
SECTION 11.03. Redemption of Securities for Sinking Fund.
|
48
|
Section 310(a)(1)
|
7.10
|
(a)(2)
|
7.10
|
(a)(3)
|
Not Applicable
|
(a)(4)
|
Not Applicable
|
(a)(5)
|
7.10
|
(b)
|
7.10
|
(c)
|
Not Applicable
|
Section 311(a)
|
7.11
|
(b)
|
7.11
|
(c)
|
Not Applicable
|
Section 312(a)
|
2.06
|
(b)
|
10.03
|
(c)
|
10.03
|
Section 313(a)
|
7.06
|
(b)(1)
|
7.06
|
(b)(2)
|
7.06
|
(c)(1)
|
7.06
|
(d)
|
7.06
|
Section 314(a)
|
4.02, 10.05
|
(b)
|
Not Applicable
|
(c)(1)
|
10.04
|
(c)(2)
|
10.04
|
(c)(3)
|
Not Applicable
|
(d)
|
Not Applicable
|
(e)
|
10.05
|
(f)
|
Not Applicable
|
Section 315(a)
|
7.01
|
(b)
|
7.05
|
(c)
|
7.01
|
(d)
|
7.01
|
(e)
|
6.14
|
Section 316(a)(1)(A)
|
6.12
|
(a)(1)(B)
|
6.13
|
(a)(2)
|
Not Applicable
|
(b)
|
6.13
|
(c)
|
10.06
|
Section 317(a)(1)
|
6.03
|
(a)(2)
|
6.04
|
(b)
|
2.05
|
Section 318(a)
|
10.01
|
TERM
|
DEFINED IN SECTION
|
"Applicable Law"
|
10.18
|
"Event of Default"
|
6.01
|
"Instrument"
|
6.01
|
"Journal"
|
10.16
|
"Judgment Currency"
|
10.17
|
"Legal Holiday"
|
10.08
|
"mandatory sinking fund payment"
|
11.01
|
"Market Exchange Rate"
|
10.16
|
"New York Banking Day"
|
10.17
|
"optional sinking fund payment"
|
11.01
|
"Paying Agent"
|
2.04
|
"Registrar"
|
2.04
|
"Required Currency"
|
10.17
|
"successor person"
|
5.01
|
"Temporary Securities"
|
2.11
|
SECTION 10.18. | Compliance with Applicable Anti-Terrorism and Money Laundering Regulations . |
SEWARD & KISSEL LLP
ONE BATTERY PARK PLAZA
NEW YORK, NEW YORK 10004
|
||
|
TELEPHONE: (212) 574-1200
FACSIMILE: (212) 480-8421
WWW.SEWKIS.COM
|
1200 G STREET, N.W.
WASHINGTON, D.C. 20005
TELEPHONE: (202) 737-8833
FACSIMILE: (202) 737-5184
|
SEWARD & KISSEL LLP
ONE BATTERY PARK PLAZA
NEW YORK, NEW YORK 10004
|
||
WRITER'S DIRECT DIAL
|
TELEPHONE: (212) 574-1200
FACSIMILE: (212) 480-8421
WWW.SEWKIS.COM
|
1200 G STREET, N.W.
WASHINGTON, D.C. 20005
TELEPHONE: (202) 737-8833
FACSIMILE: (202) 737-5184
|