Daily News: December 8, 2015

Citibank, Others Arrange Gener8 Maritime $260MM Term Loan


Gener8 Maritime (GNRT), which provides seaborne crude oil transportation services, has signed an agreement with banks for a senior secured credit facility worth up to $259.6 million, which will support its Chinese VLCC newbuilding program. The debt financing program will be secured by 4 Gener8 Maritime Chinese VLCC newbuildings, the Gener8 Strength, Gener8 Supreme, Gener8 Success and Gener8 Andriotis.

Gener8 Maritime provides international seaborne crude oil transportation services. The company has a market cap of $772.61 million. The firm is engaged in the transportation of crude oil and petroleum products. Gener8 Maritime owns a fleet of around 46 tankers, including 25 vessels on the water, consisting of seven very large crude carriers (VLCCs).

According to a related regulatory filing and term sheet, Citibank, Ex-Im Bank of China and Bank of China, New York branch, served as mandated lead arrangers for the $259.6 million term loan facility.