Kramer Levin Represents Genco in Acquisition and Financings

Kramer Levin client Genco Shipping & Trading Limited announced on June 25, 2010 that it had entered into an agreement with Bourbon SA to acquire 16 Supramax vessels from Setaf SAS, a wholly owned subsidiary of Bourbon SA, for an aggregate purchase price of $545 million. Three of the vessels, for which the purchase price is $105 million, are to be resold upon delivery to Genco.

The Kramer Levin team for the Bourbon acquisition consisted of Corporate partner Thomas E. Molner and special counsel Randal D. Murdock.

On July 27, Genco announced that it had successfully completed its concurrent public offerings of $125 million of aggregate principal amount of 5.00% Convertible Senior Notes due August 15, 2015 and 3,593,750 shares of newly issued common stock. Gross proceeds of the offerings, in which the underwriters fully exercised their over-allotment options, were approximately $182.5 million. 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 drybulk vessels from affiliates of Bourbon SA and five drybulk vessels from affiliates of Metrostar Management Corporation as well as for general corporate purposes.

The Kramer Levin team for the offerings consisted of Corporate partners Thomas E. Molner and Shari Krouner; special counsel Randal D. Murdock; and associates Jodi Rosensaft, Joshua R. Little, Jay Robert and Kelly Rau.

Kramer Levin also has recently represented Genco in negotiations of commitment letters for two credit facilities related to the Bourbon vessel purchase and the purchase of five vessels from affiliates of Metrostar Management Corporation. On July 14, 2010, Genco entered into a commitment letter for a $100 million secured term loan facility, which is intended to fund or refund to Genco a portion of the purchase price for the five Metrostar vessels. On July 16, 2010, Genco entered into a commitment letter for a $253 million senior secured term loan facility, which is intended to fund or refund to Genco a portion of the purchase price for the 13 Bourbon vessels. The facilities are subject to the completion of definitive documentation.

The Kramer Levin team for both facilities consisted of Banking and Finance partner Kenneth Chin, Corporate partner Thomas E. Molner and special counsel Randal D. Murdock.