Yesterday, Monaco-based provider of marine transportation of dry bulk commodities, Scorpio Bulkers Inc. (Scorpio Bulkers) announced that the company had received a commitment from a leading European financial institution for a loan facility of up to US$34 million.
According to Scorpio Bulkers, the loan facility is to be used to finance up to 62.5% of the fair market value of two kamsarmax bulk vessels (SBI Jive and SBI Swing). The loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to US$17.0 million and a revolver up to US$17.0 million.
According to Scorpio Bulkers, the loan facility has a final maturity date of seven years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum. This loan facility is expected to increase the company’s liquidity by approximately US$10 million after repayment of the vessels’ existing debt. The terms and conditions are reportedly 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.
Read the article online at: https://www.drybulkmagazine.com/shipping/11092018/scorpio-bulkers-secures-loan-facility-worth-up-to-us34-million/