Attached files
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| EX-99.1 - EXHIBIT 99.1 - GENCO SHIPPING & TRADING LTD | exhibit.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): August 4, 2010
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
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Republic
of the Marshall Islands
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001-33393
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98-043-9758
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
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|
299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
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10171
(Zip
Code)
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Registrant’s
telephone number, including area code: (646) 443-8550
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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On August
4, 2010, Genco Shipping & Trading Limited (“Genco”) took delivery of the
Genco Loire, a 53,416 dwt Supramax vessel. Genco had agreed to buy
the vessel under the terms of agreements that Genco entered into with Setaf SAS,
certain of its subsidiaries, and its parent company Bourbon SA. The
Genco Loire is the second of 13 vessels to be acquired by Genco under such
agreements. An additional three vessels are to be delivered Genco
under such agreements and immediately resold to Maritime Equity Partners, LLC, a
company controlled by Genco’s Chairman, Peter C. Georgiopoulos, at Genco’s
purchase price.
The
Company paid a total purchase price of approximately $32.4 million for the Genco
Lorraine, which the Company financed with available cash, including proceeds
from its recently completed concurrent offerings of 5.00% Convertible Senior
Notes due August 15, 2015 and common stock, as well as cash from
operations. On July 16, 2010, Genco entered into a commitment letter
for a $253 million senior secured term loan facility and, upon the closing of
this credit facility, intends to use the credit facility to refund $20 million
associated with the purchase of this vessel to Genco.
A copy of
the Company’s press release announcing the delivery of this vessel to the
Company is attached hereto as Exhibit 99.1.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits
The
following exhibits are filed herewith:
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Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated August 4,
2010.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, Genco Shipping &
Trading Limited has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENCO
SHIPPING & TRADING LIMITED
DATE: August
4, 2010
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/s/
Robert Gerald Buchanan
Robert
Gerald Buchanan
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President
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
Release dated August 4,
2010.
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