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Article: Genco Shipping & Trading Limited Amends $1.4 Billion Credit Facility.
- Article from:
- PR Newswire
- Article date:
- January 26, 2009
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Enhances Financial Flexibility
NEW YORK, Jan. 26 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited today announced that it has entered into an agreement to amend the Company's $1.4 billion credit facility. DnB NOR Bank ASA and Bank of Scotland PLC acted as the lead arrangers of the ten-year facility.
Under terms of the amended ten-year $1.4 billion facility, the collateral maintenance requirement will be waived until such time that Genco is in a position to satisfy the covenant and certain other conditions. Genco will continue to be able to borrow the undrawn portion of the loan during the waiver period. Amounts borrowed under the amended ...