Market Overview

General Maritime Corporation Announces Amendment to $372 Million Credit Facility


General Maritime Corporation (NYSE: GMR) announced today that it has amended its $372 million senior secured credit facility, dated as of July 16, 2010.

Under the terms of the amended Credit Facility, the condition requiring the issuance of new common equity to finance at least 40% of the purchase price for the previously announced acquisition of seven vessels has been waived for a period of one year.

All other material terms of the five-year facility remain unchanged. The $372 million Credit Facility, led by Nordea Bank Finland plc and DnB NOR, was successfully syndicated among four global lending institutions including NIBC Bank N.V., Skandinaviska Enskilda Banken AB (SEB), DVB Bank SE and Citibank, N.A.

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