Genco Shipping & Trading Limited Announces Common Stock Offering
June 14 2018 - 4:05PM
Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today
announced that it has commenced a public offering of common
stock. Genco intends to use the net proceeds from the
offering for future vessel acquisitions.
Jefferies LLC, Fearnley Securities AS and
Fearnley Securities, Inc. are acting as joint book-running managers
for the offering.
Genco has filed a registration statement
(including a prospectus and related preliminary prospectus
supplement for the common stock offering) with the U.S. Securities
and Exchange Commission (the “SEC”) for the offering to which this
communication relates. Before you invest, you should read the
preliminary prospectus supplement and the accompanying prospectus
for more complete information about Genco and the offering. You may
obtain copies of these documents for free on the SEC’s website at
www.sec.gov. Alternatively, copies may be obtained from
Jefferies LLC, Attention: Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022 (or by email to
Prospectus_Department@Jefferies.com) or Fearnley Securities, Inc.,
880 3rd Ave, 16th Floor, New York, NY 10022, Attn: Prospectus
Department (or by email: prospectus@fearnleys.com).
This press release does not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any jurisdiction.
These securities will be offered only by means of a prospectus,
including the prospectus supplement relating to the shares of
common stock, meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
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 14, 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.
"Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These forward
looking statements are based on management’s current expectations
and observations, and include those that discuss the offering, the
amount of securities expected to be offered, the anticipated timing
of the offering and the use of net proceeds from the offering.
These forward-looking statements speak only as of the date on which
they are made, and we undertake no obligation to update or revise
any forward-looking statements. Such statements are subject to
various risks, uncertainties and assumptions, including market
conditions. Should one or more of those risks materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those expressed in any forward-looking
statements. These risks, as well as others, are discussed in
greater detail in Genco’s filings with the SEC, including, without
limitation, the “Risk Factors” section in the preliminary
prospectus supplement and related prospectus relating to the
offering, Genco’s Annual Report on Form 10-K for the year ended
December 31, 2017, and Genco’s subsequent filings with the SEC on
Form 10-Q and Form 8-K.
CONTACT:Apostolos ZafoliasChief
Financial OfficerGenco Shipping & Trading Limited(646)
443-8550
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