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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Genco Shipping and Trading Limited | NYSE:GNK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.215 | -0.97% | 22.045 | 22.13 | 21.73 | 21.96 | 197,770 | 17:04:20 |
Republic of the Marshall Islands
|
001-33393
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98-043-9758
|
(State or other jurisdiction of incorporation or organization)
|
(Commission file number)
|
(I.R.S. employer identification no.)
|
299 Park Avenue
12th Floor
(Address of principal executive offices)
|
10171
(Zip code)
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· |
Maturity on November 15, 2021.
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·
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Reduction of minimum liquidity requirement under the refinanced facilities when considered in conjunction with such requirement under the Company’s other facilities to $21.5 million through December 31, 2018 (assuming a fleet of 60 vessels). Thereafter, the required amount is $28.6 million through December 31, 2019 and $42.7 million for the remaining duration of the facility (assuming a fleet of 60 vessels).
|
· |
Elimination of a maximum leverage covenant from the Prior Facilities that is based on the market value of the Company’s vessels.
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· |
Scheduled amortization of (i) $100,000 per quarter through December 31, 2018, (ii) from March 31, 2019 until (and including) December 31, 2020, $30 million per year (representing 50% of a 17 year average vessel age repayment profile), and (iii) $74 million on an annualized basis thereafter (representing 100% of a 17 year average vessel age repayment profile), subject to adjustment for certain prepayments.
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· |
Excess cash flow from the Company’s collateral vessels under the New Facility is subject to a cash sweep.
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· |
The cash flow sweep will be 100% of excess cash flow through December 31, 2018, 75% through December 31, 2020, and the lesser of 50% of excess cash flow or an amount that would reflect a 15 year average vessel age repayment profile thereafter; provided no prepayment under the cash sweep is required from the first $10,000,000 in aggregate of the prepayments otherwise required under the cash sweep.
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· |
No collateral maintenance testing prior to June 30, 2018 and collateral maintenance testing with gradually increasing thresholds thereafter with a threshold of 105% from June 30, 2018 to December 30, 2018, 115% from December 31, 2018 to December 30, 2020, and 135% thereafter.
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· |
An interest rate of LIBOR plus 375 basis points with an option to pay 150 basis points of such rate in kind through December 31, 2018.
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· |
Other covenants including debt to total book capitalization and minimum working capital.
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· |
The Company may establish non-recourse subsidiaries to incur indebtedness or make investments, but it will be restricted from incurring indebtedness or making investments
|
·
|
Reduction of minimum liquidity requirement under the $98 Million Facility when considered in conjunction with such requirement under the Company’s other facilities to $21.5 million through December 31, 2018 (assuming a fleet of 60 vessels), which amounts gradually increase after December 31, 2018 as noted above for the New Facility.
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· |
Netting of certain amounts against the measurement of the collateral maintenance covenant, which remains in place with a 140% value to loan threshold.
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· |
A portion of amounts required to be maintained under the minimum liquidity covenant for this facility may, under certain circumstances, be used to prepay the facility to maintain compliance with the collateral maintenance covenant.
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· |
Elimination of the original maximum leverage ratio and minimum net worth covenants.
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· |
Restrictions on incurring indebtedness, making investments (other than through non-recourse subsidiaries) or paying dividends, similar to those provided for in the New Facility.
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Exhibit No . |
Description
|
4.1 |
Certificate of Designations of Rights, Preferences and Privileges of Series A Preferred Stock of Genco Shipping & Trading Limited, dated as of November 14, 2016.
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GENCO SHIPPING & TRADING LIMITED
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|||
DATE:
November 15
, 2016
|
|||
By
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/s/ Apostolos Zafolias
|
||
Apostolos Zafolias
|
|||
Chief Financial Officer
|
Exhibit No. |
Description
|
4.1 |
Certificate of Designations of Rights, Preferences and Privileges of Series A Preferred Stock of Genco Shipping & Trading Limited, dated as of November 14, 2016.
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1 Year Genco Shipping and Trading Chart |
1 Month Genco Shipping and Trading Chart |
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