WASHINGTON -(Dow Jones)- Underwriters for Genco Shipping & Trading Ltd. on Wednesday set the terms of the company's pending initial public offering at 11.5 million shares with an estimated price range of $24 to $27 a share.

On May 9, Genco Shipping filed an IPO to sell up to $350 million in common stock but didn't detail the terms of the offering.

According to an amended Form S-1 filed with the Securities and Exchange Commission, Fleet Acquisition LLC will be offering 1 million shares in the IPO.

The company said it will use net proceeds from the IPO to repay approximately $249 million of its outstanding debt. It won't receive any of the proceeds from the sale of the shares by the selling holder.

Jefferies & Co., Morgan Stanley, Banc of America Securities LLC, Dahlman Rose & Co. and DnB NOR Markets were listed as underwriters for the offering.

Fleet Acquisitions has granted the underwriters an option to purchase up to an additional 1,725,000 shares to cover overallotments, the filing said.

On Tuesday, Genco Shipping said it entered into a binding letter of commitment with a syndicate of commercial lenders that will provide the company with a new credit facility of up to $450 million . The new credit facility will be effective as of the closing of the IPO, the filing said.

Genco Shipping, based in New York, transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.

The company plans to list its common stock on the Nasdaq National Market under the symbol GSTL.

-By Brian Coyle, Dow Jones Newswires; 202-862-3545

(END) Dow Jones Newswires

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