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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 17 – SUBSEQUENT EVENTS On November 5, 2019, the Company entered into amendments with our lenders to the dividend covenants of the credit agreements for our $495 Million Credit Facility and our $108 Million Credit Facility. Under the terms of these two facilities as so amended, dividends or repurchases of our stock are subject to customary conditions. The Company may pay dividends or repurchase stock under these facilities to the extent our total cash and cash equivalents are greater than $100,000 and 18.75% of our total indebtedness, whichever is higher; if we cannot satisfy this condition, we are subject to a limitation of 50% of consolidated net income for the quarter preceding such dividend payment or stock repurchase if the collateral maintenance test ratio is 200% or less for such quarter, for which purpose the full commitment of up to $35,000 of the scrubber tranche under the $495 Million Credit Facility is assumed to be drawn. On November 5, 2019, the Company declared a regular quarterly dividend of $0.175 per share to be paid on or about December 5, 2019 to shareholders of record as of November 21, 2019. The aggregate amount of the dividend is expected to be approximately $7,351, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. On November 5, 2019, the Company declared a special dividend of $0.325 per share to be paid on or about December 5, 2019 to shareholders of record as of November 21, 2019. The aggregate amount of the dividend is expected to be approximately $13,652, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. On November 4, 2019, the Company entered into an agreement to sell the Genco Raptor, a 2007-built Panamax vessel, to a third party for $10,200 less a 2.0% commission payable to a third party. The sale of the vessel is expected to be completed during the fourth quarter of 2019. Refer to Note 2 — Summary of Significant Accounting Policies regarding the impairment recorded for this vessel during the third quarter of 2019. On October 21, 2019, the Company completed the sale of the Genco Champion, a 2006-built Handysize vessel, to a third party for $6,600 less a 3.0% broker commission payable to a third party. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2019. Refer also to Note 4 — Vessel Acquisitions and Dispositions. This vessel served as collateral under the $495 Million Credit Facility; therefore, $4,101 of the net proceeds received from the sale will remain classified as restricted cash for 180 days following the sale date. That amount can be used towards a loan prepayment under the facility or for the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 180 day period, the Company will be required to use the proceeds as a loan prepayment. On October 10, 2019, the Company completed the sale of the Genco Challenger, a 2003-built Handysize vessel, to a third party for $5,250 less a 2.0% broker commission payable to a third party. The vessel assets have been classified as held for sale in the Condensed Consolidated Balance Sheet as of September 30, 2019. Refer also to Note 4 — Vessel Acquisitions and Dispositions. This vessel served as collateral under the $495 Million Credit Facility; therefore, $3,381 of the net proceeds received from the sale will remain classified as restricted cash for 180 days following the sale date. That amount can be used towards a loan prepayment under the facility or for the financing of a replacement vessel or vessels meeting certain requirements and added as collateral under the facility. If such a replacement vessel is not added as collateral within such 180 day period, the Company will be required to use the proceeds as a loan prepayment.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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