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Scorpio Bulkers secures commitment for US$30 million loan facility for kamsarmax refinancing

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Dry Bulk,

ING Bank N.V has committed to offer Monaco-based transportation provider Scorpio Bulkers Inc. (Scorpio Bulkers) a loan facility of up to US$30 million to refinance two of the company’s kamsarmax bulk carriers (SBI Zumba and SBI Parapara).

According to Scorpio Bulkers, the loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.20% per annum. This loan facility increases the company’s liquidity by approximately US$8 million after repayment of the vessels’ existing debt. The terms and conditions are similar to those set forth in the company's existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.

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