Diana Shipping Extends $1.412 Billion Financing for Genco Acquisition Offer

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Summary · why it matters

Diana Shipping has extended the fully committed financing backing its offer to acquire all outstanding shares of Genco Shipping & Trading not already owned by Diana. The $1.412 billion financing is arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank. Tranche B of the commitment was adjusted from $331 million to $310 million following Genco's sale of two vessels, while Tranche A remains unchanged at $1.102 billion. Diana's offer of $27.34 per share, comprising $24.80 in cash and one Diana share valued at $2.54, remains on the table and represents a 53% premium to Genco's undisturbed share price. Diana's management reiterated its readiness to negotiate with Genco's board immediately.

Impact on assets 8

Financials▲
Industrials▲
Diana Shipping Inc.
DSX
▲ PositiveCapitalrelevance

Diana extended the fully committed $1.412B financing backing its offer to acquire Genco, keeping its acquisition bid on the table.

Genco Shipping & Trading Ltd
GNK
▲ PositiveCapitalrelevance

Diana's offer at a 53% premium to Genco's undisturbed share price is a financial event that values Genco highly.