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Oaktree-backed oil tanker operator Gener8 Maritime sets terms for $270 million IPO

Gener8 Maritime, an Oaktree-backed operator of 46 oil tankers formed from General Maritime and Navig8 Crude, announced terms for its IPO on Monday. The New York, NY-based company plans to raise $270 million by offering 15 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Gener8 Maritime would command a fully diluted market value of $1.4 billion.

Gener8 Maritime, which was founded in 2015 and booked $391 million in sales for the 12 months ended March 31, 2015, plans to list on the NYSE under the symbol GNRT. Gener8 Maritime initially filed confidentially on 11/12/2014. Citi, UBS Investment Bank, Jefferies & Co. and Evercore Partners are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.

The article Oaktree-backed oil tanker operator Gener8 Maritime sets terms for $270 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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