Gener8 amends term loan facility termination, availability period

By Tali Rackner

Minneapolis, June 6 – Gener8 Maritime, Inc. entered into a third amendment agreement to its term loan facility dated Aug. 31, 2015, with Gener8 Maritime Subsidiary VIII as borrower and Gener8 Maritime Subsidiary V Inc. as shareholder, according to an 8-K filing with the Securities and Exchange Commission.

The June 1 amendment revised the termination date in respect of the commercial tranche under the Korean export credit facility to be the earlier of: (a) the date falling 60 months after the borrowing of such vessel loan; and (b) June 30, 2022. Prior to the amendment, the termination date was defined as the date falling 60 months after the borrowing of such vessel loan.

In addition, the amendment revised the definition of “availability period” contained in the Korean export credit facility to be: (a) the earlier of (i) the delivery date of the ship to which any such vessel loan relates and (ii) Sept. 30, 2017; or (b) another mutually agreed later date. Previously, it was defined as: (a) the earlier of (i) the delivery date of the ship to which any such vessel loan relates and (ii) the date falling 180 days from the scheduled delivery date of the ship to which such vessel loan relates; or (b) another mutually agreed later date. As such, the amendment changed the latest date of the availability period for the Gener8 Nestor to Sept. 30 from June 30.

Gener8 Maritime is a New York-based provider of international seaborne crude oil transportation services.

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