Genco Shipping closes credit facility and completes stock sale

Genco Shipping & Trading has closed a new $400m credit facility and made amendments to some existing facilities while also completing a $125 million stock sale.

Proceeds from the new $400m credit facility will be used to refinance all of the company’s existing credit facilities into one facility with the exception of a $98m credit facility and 2014 term loan facility with ABN Amro.

“Genco’s recent steps to strengthen its balance sheet represent a significant milestone for the company. We have significantly enhanced our financial flexibility and bolstered our ability to manage the current market downturn. Importantly, we have also repositioned Genco to thrive in a recovery and capitalize on the company’s leading drybulk platform. Genco’s focus remains on achieving the highest operational standards for our customers, while maintaining cost-efficient operations for the benefit of our shareholders. We appreciate the strong and continued support we have received from our investors and our banking group, which we believe underscores the company’s industry leadership and strong future prospects,” said John C. Wobensmith, president of Genco.