AcquisitionsJun 30, 2026, 12:05 PM
Diana Shipping Extends Financing for $27.34/Share Genco Offer
AI Summary
Diana Shipping Inc. announced an extension of its fully committed financing, totaling $1.412 billion, to support its offer to acquire the outstanding shares of Genco Shipping & Trading Limited. The financing, arranged by DNB Carnegie and Nordea with participation from several international banks, reinforces Diana's commitment to the transaction. The offer of $27.34 per share, consisting of $24.80 in cash and one Diana share valued at $2.54, remains on the table and represents a significant premium for Genco shareholders.
Key Highlights
- Diana Shipping extended fully committed financing for its offer to acquire Genco.
- The offer to acquire Genco's outstanding shares is $27.34 per share.
- The offer comprises $24.80 in cash and one Diana share valued at $2.54.
- Fully committed financing totals $1.412 billion, arranged by DNB Carnegie and Nordea.
- Participating banks include DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.
- The offer represents a 53% premium to Genco's undisturbed share price.
- The offer represents a 6% premium to Genco's net asset value per share.
- Tranche B of the financing was adjusted from $331 million to $310 million.
Price Impact
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