Genco closes $108 million five-year senior secured credit facility

By Sarah Lizee

Olympia, Wash., Aug. 15 – Genco Shipping & Trading Ltd. closed a previously announced $108 million five-year senior secured credit facility, according to a press release.

The company said it intends to draw down $51.75 million on or about Aug. 17 to partially finance the delivery of three Capesize vessels, including the Genco Endeavour, Genco Resolute and Genco Weatherly.

Furthermore, Genco anticipates additional drawings under the credit facility to finance a portion of the purchase price of the remaining three vessels the company has agreed to acquire.

The company expects that borrowings under the credit facility, when combined with borrowings under its $460 million credit facility closed in June, will lower its weighted average cost of debt by 100 basis points compared to its previous credit facility structure.

Genco is a New York-based transporter of iron ore, coal, grain, steel products and other drybulk cargoes.

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