Genco pockets $182.5m

US-listed Genco Shipping & Trading has raised $182.5m from a successful sale of convertible notes to fund its acquisition spree.

The Peter Georgiopoulos-led owner sold $125m of the 5%-coupon issue, plus 3.59m shares at $16 each.

Underwriters took up their full quota of over-allotment options, it said.

It added: “Genco intends to use its net proceeds from these offerings to fund a portion of the aggregate purchase price for its previously announced acquisitions of 13 dry bulk vessels from affiliates of Bourbon and five dry bulk vessels from affiliates of Metrostar, as well as for general corporate purposes.”

Genco has also bagged loans of $353m linked to the purchase of the ships from Bourbon and Metrostar.

In May, Georgiopoulos acquired all of Metrostar’s bulkers with Genco paying $166.3m for five handysizes and spin-off Baltic Trading shelling out $99.8m for a further three handies.

Only days later Genco snapped up 16 supramax bulkers from Bourbon for $545m, three of which have been sold on to one of Georgiopoulos’ private companies.

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