Genco Shipping & Trading Limited Announces Common Stock Offering
NEW YORK, June 14, 2018 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today announced that it has commenced a public offering of common stock. Genco intends to use the net proceeds from the offering for future vessel acquisitions.
Jefferies LLC, Fearnley Securities AS and Fearnley Securities, 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 Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022 (or by email to Prospectus_Department@Jefferies.com) or Fearnley Securities, Inc., 880 3rd Ave, 16th Floor, New York, NY 10022, Attn: Prospectus Department (or by email: prospectus@fearnleys.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. As of June 14, 2018, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,688,000 dwt.
"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 amount of securities expected to be offered, the anticipated timing 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 the preliminary prospectus supplement and related prospectus relating to the offering, Genco’s Annual Report on Form 10-K for the year ended December 31, 2017, and Genco’s subsequent filings with the SEC on Form 10-Q and Form 8-K.
CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550
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