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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 | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.64% | 21.90 | 22.235 | 21.74 | 21.94 | 658,478 | 22:40:11 |
Republic of the Marshall Islands
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001-33393
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98-043-9758
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(State or other jurisdiction of incorporation or organization)
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(Commission file number)
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(I.R.S. employer identification no.)
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299 Park Avenue
12th Floor
New York, New York
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10171
|
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(Address of principal executive offices)
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(Zip code)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 |
Entry into a Material Definitive Agreement
.
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· |
The final maturity date of the New Credit Facility is August 14, 2023.
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· |
Borrowings under the New Credit Facility will bear interest at LIBOR plus 250 basis points through September 30, 2019 and LIBOR plus a range of 225 to 275 basis points thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months EBITDA.
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· |
Scheduled amortization payments under the New Credit Facility are to reflect a repayment profile whereby the facility shall have been repaid to nil when the average age of the collateral Vessels reaches 20 years. Assuming borrowing of the full amount estimated above under the New Credit Facility within the third quarter of 2018, such payments are anticipated to be approximately $1,600,000 per quarter commencing on December 31, 2018, with a final balloon payment on the maturity date.
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· |
Mandatory prepayments are to be applied to remaining amortization payments pro rata, while voluntary prepayments are to be applied to remaining amortization payments in order of maturity.
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· |
Dividends may be paid subject to customary conditions and a limitation of 50% of consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter.
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· |
Acquisitions and additional indebtedness are allowed subject to compliance with financial covenants (including a collateral maintenance test) and other customary conditions.
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· |
Key financial covenants are substantially similar to those under the Company’s $460 Million Credit Facility and include:
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· |
minimum liquidity, with unrestricted cash and cash equivalents to equal or exceed the greater of $30 million and 7.5% of total indebtedness;
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· |
minimum working capital, with consolidated current assets (excluding restricted cash) minus consolidated current liabilities (excluding the current portion of long-term indebtedness) to be not less than zero;
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· |
debt to capitalization, with the ratio of total indebtedness to total capitalization to be not more than 70%; and
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· |
collateral maintenance, with the aggregate appraised value of collateral Vessels to be at least 135% of the principal amount of the loan outstanding under the New Credit Facility.
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Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
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Item 9.01. |
Financial Statements and Exhibits
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Exhibit
No.
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Description
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Up to US$108,000,000 Senior Secured Credit Agreement dated August 14, 2018, by and among Genco Shipping & Trading Limited as Borrower, the lenders party thereto from time to time, Crédit Agricole Corporate & Investment Bank, as Structurer and Bookrunner, Crédit Agricole Corporate & Investment Bank and Skandinaviska Enskilda Banken AB (Publ) as Mandated Lead Arrangers and Crédit Agricole Corporate & Investment Bank, as Administrative Agent and as Security Agent.
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GENCO SHIPPING & TRADING LIMITED
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|||
DATE:
August 15
, 2018
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By
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/s/ Apostolos Zafolias | ||
Apostolos Zafolias
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|||
Chief Financial Officer and Executive
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Vice President, Finance
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1 Year Genco Shipping and Trading Chart |
1 Month Genco Shipping and Trading Chart |
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