Genco Closes New USD 400 Mn Financing

Dry bulk specialist Genco Shipping & Trading Limited has closed on a new USD 400 million loan which will be used to refinance all of its existing credit facilities.

The new facility has improved the terms and covenants across all of the company’s refinanced facilities and simplified its capital structure, according to Genco.

The terms of the loan include an improved repayment structure with no significant fixed amortization payments until 2019, the elimination of collateral maintenance covenants through the first half of 2018, the elimination of the maximum leverage covenant, and the reduction of the minimum liquidity requirement.

It has a final maturity date of November 15, 2021, and borrowings, which are available for working capital purposes, will bear interest at LIBOR plus 375 basis points with an option to convert 150 basis points of this to principal through December 31, 2018.

“Genco’s recent steps to strengthen its balance sheet represent a significant milestone for the company. We have significantly enhanced our financial flexibility and bolstered our ability to manage the current market downturn. Importantly, we have also repositioned Genco to thrive in a recovery and capitalize on the company’s leading drybulk platform,” John C. Wobensmith, President, said.

The company said that the deal will exclude the USD 98 million credit and the 2014 term loans, for which Genco Shipping arranged amendments with ABN AMRO.

Additionally, Genco said that it has “further improved its liquidity and balance sheet” as it completed the sale of an aggregate of USD 125 million of Series A Preferred Stock, launched in early October.

Share this article

Follow World Maritime News

In Depth>


<< Apr 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >


The future of the maritime sector is the point of focus during Maritime Industry 2020.

read more >