Diana Shipping Inc. Announces Pricing of US$125 Million Senior Unsecured Bond Offering

Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announced yesterday the pricing of a US$125 million private placement of senior unsecured bonds maturing in June 2026 and callable beginning three years after issuance. The bond offering was priced with a U.S. dollar fixed-rate coupon of 8.375%. Interest will be payable semi-annually in arrears in June and December of each year. The Company will apply for listing of the bonds on the Oslo Stock Exchange. The offering was significantly oversubscribed and is expected to close on June 22, 2021, subject to customary closing conditions.

In conjunction with the offering, the Company has bought back US$78.25 million of the 9.5% senior unsecured bonds due 2023 and with ISIN NO0010832868 (“DIASH01”). The net proceeds from the bonds shall be used to refinance the remaining portion of DIASH01 and for general corporate purposes.

Arctic Securities and Nordea acted as Joint Bookrunners.

Important Information

The bonds offered as described in this press release have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or other jurisdiction, and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act or any state or other jurisdiction’s securities laws. The bonds will be sold only to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.