NEW YORK, Feb. 23, 2012 /PRNewswire/ -- Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) today 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.
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 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 Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 (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 10022 (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 such 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 LimitedGenco 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. "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 offering, the anticipated timing of closing of the offering and 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 each preliminary prospectus supplement and related prospectus relating to our offerings, our Annual Report on Form 10-K for the year ended December 31, 2011, and our subsequent filings with the SEC. SOURCE Genco Shipping & Trading Limited
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