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Baltic plans to conduct a shipping business focused on the drybulk industry spot market. Baltic does not currently own any vessels but intends to use the proposed offering's net proceeds, as well as $75 million to be contributed by Genco, to acquire vessels and for working capital. Baltic plans to finance its future vessel acquisitions primarily through equity offerings. Baltic intends to enter into a long-term management agreement with Genco under which Genco will provide commercial, technical, administrative and strategic services to Baltic. Baltic intends to apply to have its common stock approved for listing on the New York Stock Exchange under the symbol "BDI."
Morgan Stanley & Co. Incorporated and Dahlman Rose & Company, LLC will act as joint book-running managers and as the underwriters for Baltic's proposed initial public offering.
The proposed offering will be made only by means of a prospectus. Once available, a copy of the prospectus may be obtained from Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, or by email to prospectus@morganstanley.com and from Dahlman Rose & Company, LLC, 142 West 57th Street, 18th Floor, New York, NY 10019 or investmentbanking@dahlmanrose.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements with respect to the proposed offering and the expected delivery of a vessel and are based on management's current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) conditions in the United States capital markets; (ii) conditions affecting the drybulk spot market and the drybulk market generally; (iii) the ability of Baltic to enter into contracts for acquisition of its initial fleet; (iv) the need for the SEC to declare effective a registration statement relating to the proposed offering; and other factors listed from time to time under "Risk Factors" and other sections of our public filings with the Securities and Exchange Commission including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and its subsequently filed reports on Form 10-Q and Form 8-K.
SOURCE Genco Shipping & Trading Limited
http://www.gencoshipping.com
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