* To offer up to $110 mln shares
* Says part of proceeds to be used to repay debt
* Shares down 6 percent
Aug 10 Drybulk carrier Baltic Trading Ltd
BALT.N, a unit of Genco Shipping & Trading (GNK.N), said it
has filed for a follow-on public offering of its shares worth
up to $110 million, sending its shares down 6 percent.
Baltic Trading, which was formed last October, currently
has about 22.5 million shares outstanding and a market
capitalization of $264.1 million, according to Reuters data.
On Monday, the company posted a second-quarter profit that
matched Wall Street estimates. [ID:nASA00MVV]
Baltic Trading intends to use part of the net proceeds to
repay debt. In June, Baltic Trading had agreed to buy three
vessels from privately held Metrostar Management for $99.8
Baltic Trading said it will consider commencement of any
marketing for this offering only after Sept. 5, once the lockup
period connected with its initial public offering expires.
Shares of the company were down 5.6 percent at $11.09
Tuesday on the New York Stock Exchange.
(Reporting by Krishna N. Das in Bangalore; Editing by Don