Genco Shipping closes on $525m in long-sought financing

Bulker owner puts pen to paper on $400m credit line and $125m cash injection, plus amendment to existing facilities.

16 November 2016 0:11 GMT Updated 16 November 2016 0:56 GMT

Genco Shipping & Trading has finally sealed $525m in new financing that is aimed at repositioning the New York bulker owner to outlast a gloomy market and take advantage of an eventual upturn.

The company said it closed on a $400m credit facility, which will refinance much of Genco's existing debt, and completed the sale of $125m in preferred shares.

The agreement also brings amendments to a $98m existing loan and a credit facility with ABN Amro.

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