Gener8 Maritime borrows under facilities to purchase new supertankers

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Gener8 Maritime, Inc. borrowed under a term loan facility it entered on Oct. 21 to fund part of its purchase of Gener8 Strength, a 300,960 metric tons supertanker, according to an 8-K filed with the Securities and Exchange Commission.

The company made a total of $98.7 million in payments on the tanker.

Citibank, NA, New York Branch is facility agent of the term loan agreement.

On Wednesday, the company borrowed $62.9 million under its Korean export credit facility to fund the delivery of the Gener8 Athena, a 299,999 metric tons supertanker, which Gener8 Maritime took possession of last week. The company borrowed under its senior secured credit facility agreement, dated as of Aug. 31 with Nordea Bank Finland plc, New York Branch as facility agent to fund the price of building that supertanker. Its cost of $105 million was meted out over multiple installments.

Gener8 Maritime is a New York-based provider of international seaborne crude oil transportation services.

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