Scorpio Bulkers Announces a Commitment for a New Loan Facility

0
(Image Courtesy: Marine Traffic)

Scorpio Bulkers Inc. announced that the announced today that the Company has received a commitment for a loan facility of up to USD 12.75 million from a leading European financial institution to finance the Company’s Kamsarmax bulk carrier to delivered from Jiangsu New Yangzijiang Shipbuilding Co Ltd in China in the third quarter of 2018.

The loan facility has a final maturity date of five years from delivery and bears interest at LIBOR plus a margin of 2.40% per annum. The terms and conditions are similar to those set forth in the Company’s existing credit facilities. The loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has an operating fleet of 56 vessels consisting of 55 wholly-owned or finance leased drybulk vessels (including 18 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel.

In addition, one Kamsarmax vessel which is being constructed at Jiangsu New Yangzijiang Shipbuilding Co Ltd in China is expected to be delivered to the Company in the second quarter of 2018. Upon final delivery of the last vessel, the Company’s owned and finance leased fleet is expected to have a total carrying capacity of approximately 3.9 million dwt and all of our owned vessels will have carrying capacities of greater than 60,000 dwt.

(Source: Scorpio Bulkers Inc.)

Sea News, April 5