International Shipholding terminates common stock offering International Shipholding Corporation announced that, in light of current market conditions, it has decided not to proceed with its previously-announced common stock offering at this time. The acquisition of U.S. United Ocean Services continues on course for closing later this month through alternative financing sources.
International Shipholding to divest certain assets in Q4 International Shipholding's Strategic Plan calls for the divestiture of certain assets during the 2015 fourth quarter. While this is expected to have a positive impact on the Company's leverage and liquidity positions, the timing of the sales during the fourth quarter is expected to impact the Company's 2015 EBITDA. Due to the uncertainty regarding the specific timing of those asset sales, the Company has determined that the accurate provision of full-year EBITDA guidance at this time is not possible. The Company's projected cash outlay on capital expenditures, excluding construction of the New Orleans headquarters, is projected to be in a range of $30M-$32M for 2015.