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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2018
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 21 - SUBSEQUENT EVENTS On March 4, 2019, the Company’s Board of Directors awarded grants of 106,079 RSUs and options to purchase 240,540 shares of the Company’s stock at an exercise price of $8.39 to certain individuals under the 2015 Plan. The awards generally vest ratably in one-third increments on the first three anniversaries of March 4, 2019. On February 28, 2019, the Company entered into an Amendment and Restatement Agreement (the “Amendment”) for our $460 Million Credit Facility (as defined in Note 8 — Debt ) with Nordea Bank AB (publ), New York Branch (“Nordea”), as Administrative Agent and Security Agent, the various lenders party thereto, and Nordea, Skandinaviska Enskilda Banken AB (publ), ABN AMRO Capital USA LLC, DVB Bank SE, Crédit Agricole Corporate & Investment Bank, and Danish Ship Finance A/S as Bookrunners and Mandated Lead Arrangers. The Amendment provides for an additional tranche up to $35,000 to finance a portion of the acquisitions, installations, and related costs for exhaust gas cleaning systems (or “scrubbers”) for 17 of the Company’s Capesize vessels. The key terms associated with this additional tranche are as follows:
| · |  | The final maturity date is May 31, 2023.
| · |  | Borrowings under the tranche may be incurred pursuant to multiple drawings on or prior to March 30, 2020 in minimum amounts of $5,000 and may be used to finance up to 90% of the scrubber costs noted above.
| · |  | Borrowings under the tranche will bear interest at LIBOR plus 2.50% through September 30, 2019 and LIBOR plus a range of 2.25% to 2.75% thereafter, dependent upon the Company’s ratio of total net indebtedness to the last twelve months’ EBITDA.
| · |  | The tranche is subject to equal consecutive quarterly repayments commencing on the last day of the fiscal quarter ending March 31, 2020 in an amount reflecting a repayment profile whereby the loans shall have been repaid after four years calculated from March 31, 2020. Assuming that the full $35,000 is borrowed, each quarterly repayment amount would be equal to $2,500.
| · |  | For purposes of whether any dividends are subject to a limitation of 50% of the Company’s consolidated net income for the quarter preceding such dividend payment if the collateral maintenance test ratio is 200% or less for such quarter, the full commitment of up to $35,000 for the scrubber tranche is assumed to be drawn.
| · |  | Collateral and financial covenants otherwise remain substantially the same as they were under the $460 Million Credit Facility.
In addition, the Amendment permits the Company to sell or dispose of collateral vessels without prepayment of loans if the sale proceeds are reinvested in a qualified replacement vessel included as collateral within 180 days of such sale or disposition rather than 120 days under the original $460 Million Credit Facility. The Company can invoke this reinvestment right in connection with a maximum of 16 collateral dispositions, one of which is to be the Genco Cavalier. On January 28, 2019, the Company completed the sale of the Genco Vigour, a 1999-built Panamax vessel, to a third party for $6,550 less a 2.0% broker commission payable to a third party. The vessel assets have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2018. Refer also to Note 4 — Vessel Acquisitions and Dispositions. This vessel does not serve as collateral under any of the Company’s credit facilities; therefore, the Company will not be required to pay down any indebtedness with the proceeds from the sale. The Company expects to record a net gain on the sale of the Genco Vigour during the first quarter of 2019 of approximately $0.7 million, excluding any expenses incurred as part of the sale.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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