Icon Energy Corp. announces the delivery of M/V Bravo and the signing of a term loan facility for up to US$91.5 million
Published by Alfie Lloyd-Perks,
Editorial Assistant
Dry Bulk,
On September 23, 2024, Icon successfully took delivery of the M/V Bravo, the Kamsarmax dry bulk carrier it had agreed to acquire from an unaffiliated third-party, as previously announced on August 8, 2024.
Icon has secured a time charter for the M/V Bravo, whereby the vessel will be employed by an international commodity trading conglomerate for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index, which is expected to commence in the coming days, upon completion of the customary change of ownership logistics.
Icon signed a new term loan facility for up to US$91.5 million with a leading international financial institution, pursuant to the financing term sheet announced on August 23, 2024.
On September 19, 2024, Icon borrowed an amount of US$16.5 million under the term loan facility to finance a portion of the purchase price of the M/V Bravo and to leverage Icon’s existing Panamax dry bulk carrier, the M/V Alfa. The term loan facility is secured by a first priority mortgage on the vessels, an assignment of earnings and insurances, and a pledge of the earnings accounts for the vessels, among other customary security, and contains financial and other covenants customary for transactions of this type. The term loan facility has a four-year tenor, and outstanding amounts thereunder bear interest at 3.95% over SOFR.
The balance amount of US$75 million may be made available to Icon, in whole or in parts, to finance future vessel acquisitions. This balance amount remains uncommitted, free of interest or other fees, and Icon are not obliged to borrow it, or any part thereof. The terms of borrowing the balance amount, or any part thereof, will be determined at the time it is requested.
Ismini Panagiotidi, Chairwoman and Chief Executive Officer of Icon, commented: “We are pleased to welcome the M/V Bravo to Icon’s fleet and wish her fair winds and calm seas. Icon remains committed to grow through disciplined and opportunistic vessel acquisitions. In our first steps towards that goal, we are thrilled to enjoy the support of our charterers in the employment of M/V Bravo, as well as the trust of our financiers, not only in financing our existing fleet, but also in providing upsize options to fuel our further growth.”
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Read the article online at: https://www.drybulkmagazine.com/dry-bulk/25092024/icon-energy-corp-announces-the-delivery-of-mv-bravo-and-the-signing-of-a-term-loan-facility-for-up-to-915-million/
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