Genco secures $460m refinancing

Genco secures $460m refinancing

US bulker owner Genco Shipping & Trading has entered into a commitment letter for a five-year $460m senior secured credit facility.

Genco intends to use the proceeds from the new credit facility to refinance all of the company’s existing credit facilities into one facility, and to pay down the debt on the oldest seven vessels in its fleet.

The new credit facility commitments are expected to be oversubscribed by approximately 40% and has a maturity of five years following closing in the second quarter.

Genco Shipping currently operates a fleet of 60 vessels, and believes the new facility will simplify its capital structure and enhance flexibility to execute upon its fleet growth and renewal program.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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