NEW YORK, Oct. 2 /PRNewswire-FirstCall/ -- Genco Shipping & Trading
Limited (NYSE: GNK) today announced the closing of an offering by the Company
and by Fleet Acquisition LLC of shares of the Company's common stock. The
Company sold a total of 3,208,955 shares and Fleet Acquisition sold a total of
846,045 shares, in each case at a price to the public of $67.00 per share.
The Company and Fleet Acquisition have also granted the underwriters for the
offering a 30-day option to purchase up to an aggregate of 405,500 additional
shares of the Company's common stock to cover over-allotments made in
connection with the offering. The number of shares of the Company's common
stock held by the Company's Chairman, Peter Georgiopoulos, who did not sell
any shares in the offering, remains unchanged at 3,591,710 shares. Genco
Shipping & Trading Limited will not receive any of the proceeds from the sales
of shares by Fleet Acquisition in the offering. The Company intends to use
its net proceeds from the offering to repay a portion of its outstanding
indebtedness under its credit facility.
A final prospectus supplement regarding the offering, together with the
accompanying prospectus, has been filed with the U.S. Securities and Exchange
Commission (the "SEC") and is available on the SEC's website, www.sec.gov.
Bear, Stearns & Co. Inc. and Jefferies & Company, Inc. are joint book-running
lead managers of the offering. The final prospectus supplement and the
accompanying prospectus may also be obtained by contacting:
This press release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any
offer or sale of these securities in any state or other jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel
products and other drybulk cargoes along worldwide shipping routes. Genco owns
a fleet of 22 drybulk vessels, consisting of three Capesize, seven Panamax,
seven Handymax and five Handysize vessels, with a carrying capacity of
approximately 1,521,000 dwt.
SOURCE Genco Shipping & Trading Limited
CONTACT:
John C. Wobensmith,
Chief Financial Officer of Genco Shipping &
Trading Limited,
+1-646-443-8555
Web site: http://www.gencoshipping.com
(GNK)