Business Context and Reporting Period
Company: International Seaways, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 24, 2019
Reporting Period: Event date June 24, 2019 (Side Letter dated June 17, 2019)
This filing reports the entry into a material definitive agreement regarding the company's credit facilities. International Seaways, Inc. is an emerging growth company incorporated in the Marshall Islands.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt balances, or liquidity ratios. This report focuses exclusively on a contractual amendment to existing credit terms.
Material Changes
Amendment to Credit Agreement: On June 24, 2019, Seaways Shipping Corporation (Borrower) and the Guarantors entered into a Side Letter with ABN AMRO Capital USA LLC (Facility Agent).
Change in Definition: The Side Letter amended the definition of "Cash Equivalents" under the Credit Agreement dated June 7, 2018. The amendment expands the definition to include:
- Certificates of deposit
- Bankers' acceptances
- Time deposits maturing within 180 days from acquisition
- Money market deposit accounts
These instruments must be issued or guaranteed by, or placed with, ABN AMRO Bank N.V.
Guidance, Outlook, and Risks
Management Commentary: The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance.
Risks and Contingencies: No new risks or contingencies are disclosed in this specific filing. The amendment is a procedural update to the definition of eligible cash equivalents under an existing credit facility.
Investor Verification Checklist
- Verify the full text of the Side Letter (Exhibit 10.1) to confirm the exact scope of the "Cash Equivalents" amendment.
- Review the original Credit Agreement dated June 7, 2018, to understand the baseline terms being modified.
- Confirm the impact of this amendment on the company's ability to classify short-term ABN AMRO instruments as cash equivalents for covenant compliance.
- Check subsequent filings for any financial statements that may reflect the utilization of these newly defined cash equivalents.