Genco Shipping & Trading Limited Completes Common Stock Offering
June 19 2018 - 10:39AM
Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today
announced that it 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. 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. Copies of the
prospectus supplement and accompanying prospectus were filed with
the SEC and are available on the SEC’s website, 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 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.
"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 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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