Genco, TBS Tap the Equity Markets

TBS International successfully priced 3,400,000 common shares at $51 this week to raise $173.4 million in an offering led byJefferies and Banc of America as join book-running managers and Dahlman Rose as joint lead manager. Of these shares 2,000,000 (worth approximately $102 million) were sold by the company while the remaining 1,400,000 were sold by selling shareholders in what is understood to be their first sell-out since the company went public in 2005. The trajectory ofTBS’ share price over the past three months, as shown in the Follow-ons & Share Prices graph, leaves little reason to wonder why the selling shareholders might consider this an appropriate time to divest some of their holdings. The move wasn’t too painful for shareholders, either, representing a file-to-offer discount of a relatively modest 3%, with the shares having since rebounded.

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