Genco Shipping & Trading has closed on a new US$400 million credit facility, and amendments to existing credit facilities with ABN AMRO, the company said in a press release. It also announced the completion of a US$125 million sale of company stock.
Proceeds from the US$400 million facility will be used to refinance all of the company’s existing credit facilities into one facility – with the exception of the ABM AMRO credit facilities.
The US$125 million stock sale consists of the purchase of US$86.4 million of Series A Preferred Stock by its three largest shareholders, as well as a US$38.6 million private placement to investors 0 which also included affiliates of the company’s three largest shareholders, as well as a number of other investors – at a price of US$4.85 per share.
Genco’s three largest shareholders are Centerbridge Partners LP, Strategic Value Partners LLC and Apollo Global Management LLC.
“Genco’s recent steps to strengthen its balance sheet represents a significant milestone for the company,” said company President, John Wobensmith. “We have significantly enhanced out financial flexibility and bolstered our ability to manage the current downturn. Importantly, we have also repositioned Genco to thrive in a recovery.”
Genco owns a fleet of 13 capesixe, seven panamax, four ultramax, 21 supramax , five handymax and 16 handysize vessels, transporting iron ore, coal, grain, steel products and other dry bulk cargoes.
Read the article online at: https://www.drybulkmagazine.com/shipping/16122016/genco-refinances-with-new-credit-facility-and-stock-sale/
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