The offering is for 15,000,000 shares, with all of the shares being offered by Gener8 Maritime. The underwriters have also been granted an option to purchase up to 2,250,000 additional shares to cover the over-allotment.
The initial public offering price is currently expected to be between $17 and $19 per share, which could raise up to $270 mill. Gener8 Maritime has applied to list its common stock on the New York Stock Exchange.
Citigroup Global Markets, UBS Securities, Jefferies and Evercore Group are acting as joint book-running managers for the proposed offering. DNB Markets and Skandinaviska Enskilda Banken are acting as senior co-managers,while DVB Capital Markets, ABN AMRO Securities (USA), Pareto Securities and Axia Capital Markets are acting as co-managers.
The new company, formed by a merger between General Maritime and Navig8 Crude has a fleet of 46 tankers, comprising 21 VLCC newbuildings and 25 vessels in operation, including seven VLCCs, 11 Suezmaxes, four Aframaxes, two Panamaxes and one Handymax tanker.