AmericasDry CargoFinance and Insurance

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.

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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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