Genco Shipping & Trading enters into commitment letter

Genco

Genco Shipping & Trading has obtained commitments for a new debt facility, contingent on raising fresh equity.

Commitment letters for a new USD400 million facility have been obtained from Nordea, SEB, DVB, ABN AMRO, Credit Agricole, Deutsche Bank, Credit Industriel et Commercial and BNP Paribas. The new facility would refinance six of Genco’s eight existing credit facilities.

A relevant SEC filing reads:

Genco Shipping & Trading Limited (the “Company”) and certain of its subsidiaries entered into agreements for waivers through June 8, 2016 with regard to the collateral maintenance covenants under the $253 Million Credit Facility, the $100 Million Credit Facility, and the $148 Million Credit Facility, each as described in the Company’s Current Report on Form 8-K filed on June 3, 2016, which waivers were further extended by agreements on June 8, 2016 with the parties thereto through June 9, 2016 with respect to the $148 Million Credit Facility and June 10, 2016 with respect to the other two facilities. In addition, under the commitment letter described under Item 7.01 below (the “Commitment Letter”), such waivers have been extended and waivers under the other Prior Facilities (as defined in Item 7.01 below) have been granted through July 29, 2016, subject to entry into a definitive purchase agreement for the equity financing referred to in Item 7.01 below by June 30, 2016, the absence of an event of default under the Company’s credit facilities, the effectiveness of the equity commitment letters referred to in Item 7.01 below, and other conditions.

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