Genco Shipping & Trading Limited Announces Credit Facility Amendments and Waivers

Genco Shipping & Trading Limited

today announced it has entered into separate agreements to amend or waive provisions of its $1.4 billion revolving credit facility, its $253 million senior secured term loan facility and its $100 million term loan facility. DnB Nor Bank ASA, Deutsche Bank AG Filiale Deutschlandgeschaft and Credit Agricole CIB, respectively, acted as the lead arranger of each facility. Under the terms of the agreements, both the maximum leverage ratio covenant and the interest coverage ratio covenant have been waived for each facility through and including the quarter ending March 31, 2013. A new covenant has also been introduced for the period beginning October 1, 2011 and ending March 31, 2013, specifying that the Company will not permit its interest bearing consolidated indebtedness to exceed 62.5% of the aggregate amount of its interest bearing consolidated indebtedness plus its consolidated net worth in accordance with GAAP. As part of these agreements and to reduce its leverage, the Company prepaid an aggregate of $62.5 million in principal loan amounts, with $52.5 million allocated to the $1.4 billion revolving credit facility, $7.0 million allocated to the $253 million facility and $3.0 million allocated to the $100 million facility. All prepayments will be applied in inverse order of maturity under each credit facility.