Genco Raises USD 125 Mn by Selling Shares

Dry bulk specialist Genco Shipping & Trading Limited has entered into an agreement with three of its largest shareholders for the purchase of up to USD 125 million of Series A Preferred Stock.

Funds affiliated to Centerbridge Partners, L.P., Strategic Value Partners, LLC and Apollo Global Management, LLC, agreed to buy the company’s shares at a price of USD 4.85 per share.

The amount purchased by the foregoing investors may be reduced by up to USD 38.6 million in Series A Preferred Stock that may be sold in a separate private placement, according to Genco Shipping & Trading.

An additional USD 6.25 million of Series A Preferred Stock is to be issued to the foregoing investors as a commitment fee.

The sale of the shares is expected to fulfill conditions under previously disclosed commitment letters from the company’s lenders for a new USD 400 million credit facility and certain amendments to the company’s existing USD 98 million credit facility.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >