Diana Containerships plans stock offering

Diana Containerships plans stock offering    Diana Containerships Inc. said Tuesday it plans to sell an additional 14 million shares of common shares and make a $20 million concurrent private placement of common shares to Diana Shipping Inc., a related company that invests in dry bulk ships.
   In addition, the company expects to grant the underwriters a 30-day option to purchase up to an additional 2.1 million shares of common stock to cover overallotments.
   The company estimated the offering price at around $175.3 million based on the high and low sale prices of its common shares as of Friday.
   Diana said the proceeds of the offering and the concurrent private placement are expected to be used to repay in full the company’s secured term loan facility with DnB NOR Bank, to fund the balance of the acquisition costs of three containerships that the company has agreed to acquire. The company owns two ships. All range in size from 3,426 to 4,714 TEU.