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.
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