Navigator Holdings Ltd. (NYSE: NVGS) announced that BW Group Limited will sell 7 million shares of the company's common stock in a secondary public offering. Navigator Gas will not offer any shares and will not receive proceeds from the sale.

The company plans to repurchase 3.5 million shares from underwriters at the public offering price, with no underwriting discount or commissions paid on the repurchased shares. Navigator Gas will fund the share repurchase with cash on hand, subject to board approval and completion of the secondary offering.

Citigroup, DNB Carnegie, Fearnley Securities and Pareto Securities serve as joint book-running managers for the offering. The secondary offering operates under a shelf registration statement filed with the Securities and Exchange Commission on June 28, 2023, and declared effective on July 11, 2023.

The share repurchase requires completion of the secondary offering and satisfaction of customary closing conditions. Both transactions are expected to close concurrently, though the secondary offering does not depend on completion of the share repurchase.

Navigator Gas operates what it describes as the world's largest fleet of handysize liquefied gas carriers, with 55 semi- or fully-refrigerated vessels. The company transports petrochemical gases including ethylene and ethane, liquefied petroleum gas and ammonia. Navigator Gas owns a 50% share in an ethylene export marine terminal at Morgan's Point, Texas through a joint venture.