10MAY2019 - NEWS - Genco Shipping & Trading Limited: Upsized $460 Million Credit Facility to Finance Scrubber Installations as Part of the Comprehensive IMO 2020 Strategy

On February 28, 2019, we upsized our $460 Million Credit Facility to a $495 Million Credit Facility through an amendment for an additional tranche of up to $35 million to finance up to 90% of the expenses related to the acquisition and installation of scrubbers on our 17 Capesize vessels. Borrowings under the $35 million tranche 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 total net indebtedness to consolidated EBITDA for the preceding four calendar quarters. Nordea Bank ABP, New York Branch, Skandinaviska Enskilda Banken AB (publ), Crédit Agricole Corporate and Investment Bank, and Danish Ship Finance A/S are the lenders for the additional tranche.

Published by Editor - www.Livebunkers.com at 10-May-2019 02:52:55 [UTC] , contact editor at editor@livebunkers.com