Genco Shipping & Trading Limited completes common stock offering
Genco Shipping & Trading Limited has successfully completed its previously announced public offering, issuing 7,015,000 new shares of common stock, which included the exercise in full of the underwriters’ option to purchase up to 915,000 shares of common stock, the company said in its press release. As a result, 41,547,004 shares of common stock were outstanding following completion of the offering. Gross proceeds of the offering were approximately $115.7 million. Genco intends to use the net proceeds from the offering for future vessel acquisitions.
Jefferies LLC, Fearnley Securities AS and Fearnley Securities, Inc. acted as joint book-running managers for the offering, and ABN AMRO Securities (USA) LLC, Skandinaviska Enskilda Banken AB (publ), Credit Agricole Securities (USA) Inc., Seaport Global Securities LLC and Noble Capital Markets Inc. acted as co-managers for the offering.
The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”). The offering was made only by means of a prospectus supplement and an accompanying prospectus.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of June 19, 2018, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,688,000 dwt.