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Execution in the Face of a Fed Fire Storm

Genco prices and upsizes despite Bernanke comments which sent market tumbling
Credit due Genco team and Deutsche led Bookrunners

Genco Shipping and Trading priced their concurrent Convertible Senior Notes and Common Stock during a day which at first saw the US equity markets trading up until Fed Chairman Bernanke threw cold water on the prospects of economic growth midday, following which the NYSE and NASDAQ suffered dramatic and swift losses. That the Convertible Senior Note transaction was upsized during this maelstrom by 10% and the issuance of 3.125 million shares of common stock was completed just a fraction below the day’s closing price is clear indication of the markets appreciation for Genco and its acquisition of both the Bourbon and Metrostar drybulk vessels.

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Written by: | Categories: Freshly Minted, The Week in Review | July 22nd, 2010 |

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