On June 11, 2020, Genco Shipping & Trading Limited (the “Company”) entered into an Amendment and Restatement Agreement (the “Amendment”) to its $108,000,000 senior secured credit agreement (the “$108 Million Credit Agreement”) with Crédit Agricole Corporate & Investment Bank, as Structurer and Bookrunner, Crédit Agricole Corporate & Investment Bank and Skandinaviska Enskilda Banken AB (Publ) as Mandated Lead Arrangers, Crédit Agricole Corporate & Investment Bank, as Administrative Agent and as Security Agent, and the lenders party thereto from time to time. The Amendment amends and restates the $108 Million Credit Agreement to, among other things, provide for a revolving credit facility (the “Revolver Facility”) of up to $25,000,000 for general corporate and working capital purposes (as so amended and restated, the “Amended and Restated Credit Agreement”). The key terms associated with this additional facility are as follows:

Collateral and financial covenants otherwise remain substantially the same as they were under the $108 Million Credit Agreement.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 in its entirety.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This report contains forward-looking statements made to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are the ability of the Company to draw down under the terms of the Amendment and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2019 and our subsequent reports on Form 10-Q and Form 8-K.

GENCO SHIPPING & TRADING LTD Exhibit
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 EXECUTION VERSION AMENDMENT AND RESTATEMENT AGREEMENT   AMENDMENT AND RESTATEMENT AGREEMENT,…
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