GENCO
Amends USD 1.4bn ten-year credit facility

JAN, 28.2009
 

  

Genco Shipping & Trading, listed in NYSE, (Peter C. Georgiopoulos, Chairman), announced that it has entered into an agreement to amend the USD 1.4bn credit facility and will bear interest at LIBOR plus 2.00%. DnB NOR Bank ASA and Bank of Scotland PLC acted as the lead arrangers of the ten-year facility.

Genco plans to fund the three remaining Capesize newbuildings expected to be delivered in 2009, with the undrawn portion of its credit facility as well as cash flow from operations.

• Currently, Genco has approximately 67% of its fleet's estimated available days secured on contracts for the remainder of 2009.