NEW YORK, Nov. 10, 2015 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company") today announced that thirteen of its vessel-owning subsidiaries closed and completed the funding of a $98 million secured loan facility with funds associated with Hayfin Capital Management and Breakwater Capital Ltd.
The facility has a final maturity date of September 30, 2020, and borrowings, which are available for working capital purposes, will bear interest at three month LIBOR plus a margin of 6.125%. The facility's financial covenants are substantially similar to those of the Company's other credit facilities. The facility has no fixed amortization payments for the first two years, and fixed amortization payments of $2.5 million per quarter thereafter, subject to prepayments based on the facility's collateral value to loan ratio. The favorable amortization schedule allows the Company to conserve cash during a challenging freight rate environment.
John C. Wobensmith, President, commented, "We are pleased to have considerably strengthened our balance sheet. With the closing of this $98 million facility, we have enhanced our liquidity position. In addition, since the facility has no fixed amortization payments for the first two years, we have strengthened our ability to operate in a challenging drybulk market."
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited's current fleet consists of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, six Handymax and 18 Handysize vessels with an aggregate capacity of approximately 5,158,000 dwt.
CONTACT: John C. Wobensmith President Genco Shipping & Trading Limited (646) 443-8555Source:Genco Shipping & Trading Limited