UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported): August 16,
2007
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
|
Republic
of the Marshall Islands
|
000-28506
|
98-043-9758
|
|
(State
or Other Jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
|
|
10171
(Zip
Code)
|
Registrant’s
telephone number, including area code: (646) 443-8550
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
| [ ] |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| [ ] |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| [ ] |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
|
| [ ] |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
|
Item
2.03. Creation Of A Direct Financial Obligation Or
An Obligation Under An Off-Balance Sheet Arrangement Of A
Registrant
Genco
Shipping & Trading Limited (the “Company”) entered into two interest rate
swap transactions on August 16, 2007 with DnB NOR Bank ASA, New York Branch
(the
“Counterparty”). The Counterparty has underwritten the Company’s
current $1.4 billion credit facility entered into on July 20, 2007 and is
also
acting as Lead Arranger,
Bookrunner, and Administrative Agent. The Company and the
Counterparty are also parties to five interest rate swap transactions for
an
aggregate notional amount of $406,233,000 of which $200,000,000 is described
in
the Company’s current reports on Form 8-K filed on August 6 and 9, 2007 and the
remainder of which is described in the Company’s quarterly report on Form 10-Q
filed on August 9, 2007. The Company entered into the current
interest rate swap transactions to mitigate the Company’s floating rate interest
risk on an aggregate of $150,000,000 of the Company’s debt that is currently or
is expected to be outstanding under its $1.4 billion credit
facility. Each of these interest rate swaps has an effective date of
March 31, 2008 and a termination date of March 31, 2012. The Company
is required to make certain quarterly fixed rate payments to the Counterparty
calculated on a notional amount of $100,000,000 for the first swap and
$50,000,000 for the second swap, while the Counterparty is obligated to make
certain quarterly floating rate payments to the Company referencing the same
notional amounts. The two interest rate swap transactions effectively
fix the annual interest rate payable on $100,000,000 of the Company’s debt which
may exist to 5.04% plus the applicable margin under the $1.4 billion credit
facility and on $50,000,000 of the Company’s debt which may exist to
4.985% plus the applicable margin under the credit
facility. Notwithstanding the terms of the interest rate swap
transactions, the Company is ultimately obligated for all amounts due and
payable under the credit facility. The Company may enter into
additional swap transactions in the future from time to time.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, Genco Shipping
&
Trading Limited has duly caused this report to be signed on its behalf by
the
undersigned hereunto duly authorized.
GENCO
SHIPPING & TRADING LIMITED
DATE: August
17, 2007
/s/
John
C. Wobensmith
John
C.
Wobensmith
Chief
Financial Officer, Secretary and Treasurer
(Principal
Financial and Accounting Officer)