Genco starts public offering of primary, secondary shares

Genco starts public offering of primary, secondary shares The drybulk shipping company Genco Shipping & Trading Limited said it has begun a public offering of primary and secondary shares of its common stock.
   The company expects to offer about 3.3 million shares of common stock representing gross proceeds of about $215 million.
   The company also said a selling shareholder is expected to offer 750,000 shares of the company's common stock.
   Genco intends to use all of its net proceeds from the offering to repay a portion of its outstanding indebtedness under its credit facility.
   The company added the amounts so repaid will be available for future borrowings, which Genco may use for future acquisitions or other corporate purposes.