Genco Shipping closes $600M revolving credit facility

Genco Shipping (GNK) & Trading has closed a $600M revolving credit facility, amending its existing facility to provide significant capacity to pursue accretive growth opportunities among other uses. Key terms of the $600M revolving credit facility include: Increased borrowing capacity by 50% or $200M to $600M in aggregate; Repayment profile of 20 years with no commitment reductions until March 31, 2027 based on covenant compliance; Improved pricing: margin reduced to 1.75% and commitment fees on undrawn amounts reduced to 0.61%; 100% revolving credit facility structure provides flexibility for Genco to continue to pay down debt while maintaining the ability to opportunistically draw down capital; Extended maturity to 2030; Accordion feature allows for additional borrowing capacity potential of $300M.