Genco Shipping & Trading Limited
Genco Shipping & Trading Limited

Further Enhances Financial Flexibility to Capitalize on Compelling Growth Opportunities

NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced it has closed a $600 million revolving credit facility, amending its existing facility to provide significant capacity to pursue accretive growth opportunities among other uses.

Key terms of the $600 million revolving credit facility include:

  • Increased borrowing capacity by 50% or $200 million to $600 million 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 $300 million

John C. Wobensmith, Chief Executive Officer, commented, “We are pleased to have meaningfully increased our borrowing capacity under attractive terms, which is a reflection of Genco’s industry leading balance sheet and our strong track record of executing our proven value strategy and providing shareholder returns through the drybulk cycle. Having significant capital readily available puts Genco in a highly advantageous position to act decisively to capture attractive growth opportunities for shareholders. We believe that Genco’s capital structure offers a compelling risk-reward balance, while also providing significant financial flexibility and optionality that goes hand-in-hand with our capital allocation strategy focused on dividends, deleveraging and growth. We maintain an overall positive view of the drybulk market, due to the solid supply side fundamentals, and with $500 million of undrawn revolver availability, we are in an optimal position to renew and grow our asset base.”

Peter Allen, Chief Financial Officer, commented, “With this latest increased $600 million credit facility, Genco achieved several important objectives, including upsizing our borrowing capacity, extending maturity, reducing margin, and improving several other key terms. Notably, the lack of commitment reductions until March 31, 2027 enables Genco to maintain the full $600 million of borrowing capacity for an extended period of time adding to our optionality as markets develop. Furthermore, the full revolving credit facility structure fits well into our broader capital allocation approach, providing the flexibility to continue to paydown debt while maintaining the ability to strategically access capital when attractive opportunities materialize. We appreciate the continued support of our high-quality bank group, as we continue to execute Genco’s strategy.”



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