Genco Shipping & Trading Limited Prices Common Stock Offering
Friday, 24 February 2012 | 12:41
Genco Shipping & Trading Limited yesterday announced the pricing of its public offering of common stock. The offering was made pursuant to Genco's registration statement (including a prospectus and related prospectus supplement for the offering). Total gross proceeds from the offering will be approximately $53.25 million, exclusive of any proceeds attributable to the underwriters' possible exercise of their option to purchase shares of common stock described below. The offering is expected to close on February 28, 2012, subject to the satisfaction of customary closing conditions. Genco intends to use the net proceeds from the offering for general corporate purposes.
Genco agreed to sell 7,500,000 shares of common stock at a public offering price of $7.10 per share. In connection with the offering, Genco granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock.
Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. are acting as joint book-running managers for the offering, and Credit Agricole Securities (USA) Inc., DNB Markets, Inc., DVB Capital Markets LLC, Knight Capital Americas, L.P. and SEB Enskilda are acting as co-managers for the offering.
Source: Genco Shipping & Trading Limited