Genco Shipping share sale raises $38.6m

Genco Shipping share sale raises $38.6m

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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