Gener8 Maritime, Inc., a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it has entered into a senior secured credit facility for up to $259.6 million of debt financing for its Chinese VLCC newbuilding program to be drawn in connection with the deliveries of the first four of the company's six Chinese new buildings.   Financing is being provided by Citibank, N.A., The Export-Import Bank of China ("CEXIM"), and the Bank of China ("BOC").

The Chinese newbuild facility closed on November 30, 2015, with the first drawdown being used to refinance the October 21, 2015 term loan facility with Citibank.   The facility has a margin over LIBOR of 2.0%, and a 15 year amortization profile.  Pursuant to the Chinese newbuild facility, the debt financing will be secured by 4 Gener8 Maritime Chinese VLCC newbuildings, the Gener8 Strength, Gener8 Supreme, Gener8 Success and Gener8 Andriotis. 

As of November 1, 2015, Gener8 Maritime has a fully-delivered fleet of 47 vessels, including one time-chartered-in VLCC. Gener8's owned fleet is comprised of 18 VLCC newbuildings and 28 vessels on the water consisting of 10 VLCCs, 11 Suezmaxes, four Aframaxes, two Panamax tankers, and one Handymax tanker, with a total carrying capacity of over 11.1 million deadweight tons ("DWT"), and average age on a DWT basis of less than 6 years upon delivery of the newbuildings. Gener8 Maritime is incorporated under the laws of the Marshall Islands and headquartered in New York.