Genco Shipping & Trading has entered into an agreement with certain investors for the purchase of Series A convertible preferred stock of the company at an aggregate amount of $38.6m, priced at $4.85 per share.
The investors include affiliates of the company’s three largest shareholders as well as a number of other investors.
The sale of stock, coupled with the stock sale to the company’s three largest shareholders as announced on October 6, is expected to fulfill a condition requiring the company to raise equity under previously disclosed commitment letters for a new $400m credit facility and certain amendments to the company’s existing $98m credit facility.
