Nordea has emerged as the bank at the head of New York-listed Genco Shipping & Trading's new $450m credit facility, leading a line-up that is missing some past Genco lenders while adding new ones.
Genco announced the refinancing with its second-quarter earnings recently, but did not identify the banks extending credit. However, the names have emerged in Genco's quarterly report to US securities regulators.
The financing is divided into a $150m term loan and a $300m revolving credit instrument.
Nordea, through its New York office, has emerged as administrative agent on the facility and tied for leading provider of funding. Nordea also took the lead role in the previous $495m lending from 2018, which is one of the two loans being refinanced.
The Nordic bank is providing $40.8m in the term loan and $81.7m in the revolver.
Two more banks from the earlier $495m facility have kept key roles in the new financing.
SEB is also providing $40.8m to the term loan and $81.7m in the revolving facility. CTBC Bank comes over from the earlier loan and is kicking in $10m to the term piece and $20m to the revolver.
But three new lenders are also helping to bankroll the new debt. The biggest slice comes from DNB Capital, which is funnelling in $25m to the term loan and $50m to the revolver.
Also new to the roster is CIT Bank of New York, which as TradeWinds has reported is undergoing a revival of its lending practice under former DVB man Evan Cohen. CIT is pumping $16.7m into the term loan and $33.3m into the revolver.
In for the same amount is ING Bank of London, which also had not been on the earlier facility.
On the other hand, four banks who had played in Genco's earlier financing are not taking part in the new one. These include ABN Amro, DVB Bank, Credit Agricole and Danish Ship Finance.
As TradeWinds has reported, ABN Amro has pulled back from clients in the US and Asia, limiting ship lending to its core customers in Europe. DVB has drawn back from shipping more generally.
