September 24, 2007
Genco makes $215 million stock offering
Genco Shipping & Trading Limited (NYSE: GNK), which owns a fleet of 21 dry bulk vessels, announced today the commencement of a public offering of primary and secondary shares of its common stock, par value $0.01 per share.
Genco expects to offer approximately 3,305,000 shares of common ctock representing gross proceeds of approximately $215,000,000, and a selling shareholder is expected to offer 750,000 shares, pursuant to the company's existing shelf registration statement.
Genco intends to use all of its net proceeds from the offering to repay a portion of its outstanding indebtedness under its credit facility. Subject to the terms of the credit facility, the amounts so repaid will be available for future borrowings, which Genco may use for future acquisitions or other corporate purposes.