ICBC contributes $15 million to syndicated loan to finance the purchase of fifteen shipping vessels

On August 31, 2015, ICBC, Busan Branch entered into a syndicated loan agreement of $963,743,455 with 13 other international financing institutions and Gener8 Maritime Subsidiary VII Inc., which is a special purpose vehicle and wholly-owned subsidiary of Gener8 Maritime, Inc. that is legally incorporated under the laws of the Marshall Islands. This syndicated loan agreement was intended to finance the payment of delivery installment of 15 ships. The loan is available in 15 different tranches for the acquisition of the 15 different vessels. ICBC's total commitment for all 15 ships is $14,999,999. For each ship's individual tranche, it is broken down into four tranches: a commercial tranche, a K-EXIM guaranteed tranche, a K-EXIM funded tranche, and a K-sure tranche. ICBC's commitment for each ship falls under the K-EXIM guaranteed tranche. ICBC's commitments for each ship's tranche are as follows: 1) Ship A: hull number S768, scheduled to be delivered on March 15, 2016. Ship A has a total commitment across all four tranches of $64,081,655. ICBC committed $1,147,287 out of the total $10,683,200 of the K-EXIM guaranteed tranche. 2) Ship B: hull number S769, scheduled to be delivered on July 25, 2016. Ship B has a total commitment across all four tranches of $64,081,655. ICBC committed $1,147,287 out of the total $10,683,200 of the K-EXIM guaranteed tranche. 3) Ship C: hull number S770, scheduled to be delivered on October 20, 2016. Ship C has a total commitment across all four tranches of $64,081,655. ICBC committed $1,147,287 out of the total $10,683,200 of the K-EXIM guaranteed tranche. 4) Ship D: hull number S771, scheduled to be delivered on February 20, 2017. Ship D has a total commitment across all four tranches of $64,081,655. ICBC committed $1,147,287 out of the total $10,683,200 of the K-EXIM guaranteed tranche. 5) Ship E: hull number H2794, scheduled to be delivered on September 9, 2016. Ship E has a total commitment across all four tranches of $68,101,808. ICBC committed $1,219,262 out of the total $11,353,409 of the K-EXIM guaranteed tranche. 6) Ship F: hull number H2795, scheduled to be delivered on November 15, 2016. Ship F has a total commitment across all four tranches of $68,101,808. ICBC committed $1,219,262 out of the total $11,353,409 of the K-EXIM guaranteed tranche. 7) Ship G: hull number H0137, scheduled to be delivered on July 29, 2016. Ship G has a total commitment of $62,959,650, all of which is provided for in the commercial tranche. There is no ICBC commitment for this ship. 8) Ship H: hull number H0138, scheduled to be delivered on December 31, 2016. Ship H has a total commitment of $62,959,650, all of which is provided for in the commercial tranche. There is no ICBC commitment for this ship. 9) Ship I: hull number H5404, scheduled to be delivered on September 11, 2015. Ship I has a total commitment across all four tranches of $63,245,516. ICBC committed $1,132,317 out of the total $10,543,806 of the K-EXIM guaranteed tranche. 10) Ship J: hull number H5405, scheduled to be delivered on October 28, 2015. Ship J has a total commitment across all four tranches of $63,245,516. ICBC committed $1,132,317 out of the total $10,543,806 of the K-EXIM guaranteed tranche. 11) Ship K: hull number H5406, scheduled to be delivered on January 5, 2015. Ship K has a total commitment across all four tranches of $63,245,516. ICBC committed $1,132,317 out of the total $10,543,806 of the K-EXIM guaranteed tranche. 12) Ship L: hull number H5407, scheduled to be delivered on January 15, 2016. Ship L has a total commitment across all four tranches of $63,245,516. ICBC committed $1,132,317 out of the total $10,543,806 of the K-EXIM guaranteed tranche. 13) Ship M: hull number H5408, scheduled to be delivered on February 12, 2016. Ship M has a total commitment across all four tranches of $65,252,248. ICBC committed $1,168,245 out of the total $10,878,353 of the K-EXIM guaranteed tranche. 14) Ship N: hull number HS777, scheduled to be delivered on May 30, 2016. Ship N has a total commitment across all four tranches of $63,529,803. ICBC committed $1,137,407 out of the total $10,591,200 of the K-EXIM guaranteed tranche. 15) Ship O: hull number HS778, scheduled to be delivered on August 8, 2016. Ship O has a total commitment across all four tranches of $63,529,803. ICBC committed $1,137,407 out of the total $10,591,200 of the K-EXIM guaranteed tranche. The interest rate of the KEXIM guaranteed tranche is the aggregate of the margin (1.50% per annum) and LIBOR (0.519%, US LIBOR 6-month 2015), calculated to be summed at 2.019%. Gener8 shall repay the KEXIM guaranteed tranche of such KEXIM and K-Sure (ECA) vessel loans by 48 equal consecutive quarterly installments, each in an amount equal to 2- 1/12 percent of such ECA Vessel Loan, on each fiscal quarter date, commencing on the day three months after the utilization date of such ECA Vessel Loan and ending on the day 144 months from the utilization date of the vessel loan of the KEXIM Guaranteed Tranche. The loan was amended by Amendment No. 1, dated as of 20 October 2015, Amendment No. 2, dated as of 24 March 2017, Amendment No. 3, dated as of 1 June 2017, and Amendment No. 4, dated as of June 6, 2018 to include Euronav MI Inc. as a borrower and guarantor in relation to each vessel loan. The syndicate of 15 international lenders was from the US, European and Asian offices of international banks. This project's status is implementation.

Additional details

For more details on the lenders and their addresses, see pages 11-20 of "AMENDMENT NO. 4 TO TERM LOAN FACILITY."

Number of official sources

5

Number of total sources

6