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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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