Key Developments: Genco Shipping and Trading Ltd (GNK)
1.69USD
24 May 2013
$-0.08 (-4.52%)
$1.77
$1.80
$1.85
$1.65
601,844
1,115,827
$4.54
$1.12
Latest Key Developments (Source: Significant Developments)
Genco Shipping & Trading Limited Completes Common Stock Offering
Genco Shipping & Trading Limited announced that it has successfully completed its previously announced public offering of 7,500,000 shares of newly issued common stock. Gross proceeds of the offering were approximately $53.25 million. Genco intends to use its net proceeds from the offering for general corporate purposes. Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. were 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 were co-managers for the offering. Full Article
Genco Shipping & Trading Limited Prices Common Stock Offering
Genco Shipping & Trading Limited 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. Full Article
Genco Shipping & Trading Limited Announces Common Stock Offering
Genco Shipping & Trading Limited announced that it has commenced a public offering of common stock. Genco plans to offer, subject to market and other conditions, $50 million in shares of its common stock. Genco intends to use the net proceeds from the offering for general corporate purposes. Genco expects to grant the underwriters 30 day options to purchase up to an additional $7.5 million in shares of common stock offered by Genco. Morgan Stanley and Co. LLC, Deutsche Bank Securities Inc., and Jefferies & Company, Inc. are acting as joint book-running managers for the offering. Full Article
Genco Shipping & Trading Limited Completes Acquisition Of Five Handysize Vessels
Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Spirit, a 34,432 dwt Handysize newbuilding. The Genco Spirit is the final vessel to be delivered to the Company under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies. The Genco Spirit was delivered to its charterer, Cargill International S.A., to commence a time charter for 34.5 to 37.5 months. The rate for the time charter will be linked to the Baltic Handysize Index (BHSI), incorporating a floor of $8,500 and a ceiling of $13,500 daily, with a 50% profit sharing arrangement to apply to any amount above the ceiling. The rate will be based on 115% of the average of the daily rates of the BHSI, as reflected in daily reports. Hire will be paid every 15 days in advance, net of a 5.00% third party brokerage commission. The Company used available cash of $9.9 million as well as $20.0 million under its $100 million term loan facility to pay the remaining balance of $29.9 million for the Genco Spirit. Full Article
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