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International Shipholding Announces Agreement to Sell Two Pure Car Truck Carriers for $73.9M

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Courtesy of Benzinga.

International Shipholding Corporation (NYSE: ISH) announced today that it has entered into an agreement with Norwegian Car Carriers ASA for the sale of two of its International Flag Pure Car Truck Carriers. The transaction is scheduled to close by the end of the first quarter and will generate proceeds of approximately $73.9 million. This transaction will realize a reportable gain of about $3.5 million in the first quarter.

Proceeds will be used to pay down debt of approximately $35 million collateralized by these vessels and will strengthen ISH’s position to pursue accretive growth opportunities. DnB NOR Markets, Inc. acted as exclusive advisor to the Company.

(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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