NEW YORK, Feb. 22, 2012 /PRNewswire/ -- Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) today 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.
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 Morgan Stanley and Co. LLC, 180 Varick Street, Second Floor, New York, NY 10014, Attention: Prospectus Department (or by email to email@example.com), Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ 07311 (or at 1-800-503-4611 or by email to firstname.lastname@example.org) or Jefferies & Company, Inc., Attention: Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 19922 (or by email to Prospectus_Department@Jefferies.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. Excluding Baltic Trading Limited's fleet, we own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt. In addition, our subsidiary Baltic Trading Limited currently owns a fleet of nine drybulk vessels, consisting of two Capesize, four Supramax and three Handymax vessels, with an aggregate carrying capacity of approximately 672,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco.