Republic of the Marshall Islands
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001-33393
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98-0439758
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(State or other jurisdiction of incorporation or organization)
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(Commission file number)
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(I.R.S. employer identification no.)
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299 Park Avenue
12th Floor
New York, NY
(Address of principal executive offices)
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10171
(Zip code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of exchange on which registered
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Common stock, par value $0.01 per share
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GNK
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New York Stock Exchange (NYSE)
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Item 1.01 |
Entry into a Material Definitive Agreement
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Maximum loan capacity has been increased to $500 million from $344 million previously under our $450 Million Credit Facility, an increase of $156 million or 46%.
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The entire facility consists of a revolving credit facility.
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Borrowings bear interest of 1.85% to 2.15% plus the Secured Overnight Financing Rate (SOFR), based on our ratio of total net indebtedness to EBITDA.
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The interest rate of our borrowings may be further increased or decreased by a margin of 0.05% based on our performance regarding emissions targets.
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The maturity date has been extended from August 2026 to November 2028.
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The facility has a repayment profile of 20 years with total quarterly commitment reductions of approximately $15 million per quarter.
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Key covenants remain substantially the same as those in our previous $450 Million Credit Facility.
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We may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) we are
in pro forma compliance with our financial covenants after giving effect to the dividend.
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The collateral package currently includes 45 of the 46 vessels currently in our fleet and may also include the Genco Reliance or future vessels we may own.
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Commitment fees are 40% of the applicable interest rate margin for unutilized commitments.
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Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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GENCO SHIPPING & TRADING LIMITED
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DATE: December 4, 2023
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/s/ Peter Allen
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Peter Allen
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Chief Financial Officer
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