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Share Name | Share Symbol | Market | Type |
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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 | |
---|---|---|---|---|---|---|---|---|
0.19 | 0.99% | 19.41 | 19.71 | 19.34 | 19.54 | 509,230 | 21:19:51 |
Republic of the
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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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Maximum loan capacity has been increased to $500 million from $344 million previously under our $450 Million Credit Facility, an increase of $156 million or 46%.
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The entire facility consists of a revolving credit facility.
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Borrowings bear interest of 1.85% to 2.15% plus the Secured Overnight Financing Rate (SOFR), based on our ratio of total net indebtedness to EBITDA.
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The interest rate of our borrowings may be further increased or decreased by a margin of 0.05% based on our performance regarding emissions targets.
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The maturity date has been extended from August 2026 to November 2028.
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The facility has a repayment profile of 20 years with total quarterly commitment reductions of approximately $15 million per quarter.
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Key covenants remain substantially the same as those in our previous $450 Million Credit Facility.
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We may declare and pay dividends and other distributions so long as, at the time of declaration, (1) no event of default has occurred and is continuing or would occur as a result of the declaration and (2) we are
in pro forma compliance with our financial covenants after giving effect to the dividend.
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The collateral package currently includes 45 of the 46 vessels currently in our fleet and may also include the Genco Reliance or future vessels we may own.
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Commitment fees are 40% of the applicable interest rate margin for unutilized commitments.
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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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GENCO SHIPPING & TRADING LIMITED
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DATE: December 4, 2023
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/s/ Peter Allen
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Peter Allen
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Chief Financial Officer
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Document and Entity Information |
Nov. 29, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 29, 2023 |
Entity File Number | 001-33393 |
Entity Registrant Name | GENCO SHIPPING & TRADING LIMITED |
Entity Central Index Key | 0001326200 |
Entity Incorporation, State or Country Code | 1T |
Entity Tax Identification Number | 98-0439758 |
Entity Address, Address Line One | 299 Park Avenue |
Entity Address, Address Line Two | 12th Floor |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10171 |
City Area Code | 646 |
Local Phone Number | 443-8550 |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | GNK |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Genco Shipping and Trading Chart |
1 Month Genco Shipping and Trading Chart |
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