$GNK: Up 60%. News: Genco Shipping & Trading Limi
Post# of 22755
Posted On: 10/06/2016 10:37:44 AM
$GNK: Up 60%. News:
Genco Shipping & Trading Limited enters agreements w/ its 3 largest shareholders, including Apollo Global Management (APO), for the purchase of $125 mln of Series A Preferred Stock at $4.85/share
Co has entered into agreements with funds or related entities managed by affiliates of Centerbridge Partners, funds or related entities managed by Strategic Value Partners, and funds managed by affiliates of Apollo Global Management (APO), representing the Company's three largest shareholders, for the purchase of an aggregate of up to $125 million of Series A Preferred Stock of the Company at $4.85/share.
The amount purchased by the foregoing investors may be reduced by up to $38.6 million in Series A Preferred Stock that may be sold in a separate private placement. The sale of Series A Preferred Stock is expected to fulfill conditions under previously disclosed commitment letters from its lenders for a new $400 million credit facility and certain amendments to its existing $98 million credit facility.
Genco Shipping & Trading Limited enters agreements w/ its 3 largest shareholders, including Apollo Global Management (APO), for the purchase of $125 mln of Series A Preferred Stock at $4.85/share
Co has entered into agreements with funds or related entities managed by affiliates of Centerbridge Partners, funds or related entities managed by Strategic Value Partners, and funds managed by affiliates of Apollo Global Management (APO), representing the Company's three largest shareholders, for the purchase of an aggregate of up to $125 million of Series A Preferred Stock of the Company at $4.85/share.
The amount purchased by the foregoing investors may be reduced by up to $38.6 million in Series A Preferred Stock that may be sold in a separate private placement. The sale of Series A Preferred Stock is expected to fulfill conditions under previously disclosed commitment letters from its lenders for a new $400 million credit facility and certain amendments to its existing $98 million credit facility.
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