Navigator Gas Repurchases 3.5M Shares at $17.50, Plans $600M Newbuild Driving 20% CAGR
Navigator Gas closed an upsized secondary offering of 8.0 million shares at $17.50 each sold by BW Group, then repurchased 3.5 million shares from underwriters using cash on hand. An analyst note highlights a $600 million newbuild investment supporting a projected 20% EPS CAGR through 2028 alongside a recent 5.4% float reduction.
1. Upsized Secondary Offering
Navigator Gas closed an upsized secondary offering of 8.0 million common shares sold by BW Group at $17.50 per share, generating no proceeds for the company.
2. Concurrent Share Repurchase
Concurrently, Navigator Gas repurchased 3.5 million of the offered shares from underwriters at $17.50 per share using cash on hand, with no underwriting discount and board approval.
3. Growth Prospects and Capital Allocation
Navigator Gas has demonstrated multi-year EBITDA growth and reduced its float by 5.4% through share buybacks and vessel divestitures, while investing $600 million in a newbuild program aimed at driving a 20% EPS CAGR through 2028.