Safe Bulkers Takes Loan to Finance Newbuildings

Safe Bulkers Takes Loan to Finance Newbuildings

Safe Bulkers, Inc., an international provider of marine dry bulk transportation services, has entered into a USD 210 million, six-year credit facility agreement with Norway’s DNB Bank ASA, secured by ten vessels.


Athens-based Safe Bulkers will use the new credit facility to finance the acquisition of two previously contracted newbuild vessels, scheduled to be delivered in 2015, and to replace and prolong an existing credit facility with the same lender, presently secured by eight existing vessels.

The agreement stipulates that Safe Bulkers will be subject to the following financial covenants:

  • The total consolidated liabilities of the company divided by its total consolidated assets must not exceed 85%;
  • The ratio of the company’s EBITDA to its interest expense must be less than 2.0:1 on a trailing 12 month basis;
  • The consolidated net worth of the company must not be less than USD 150.0 million.

The company intends to finance its newbuild program with cash on hand and bank financing. With this credit facility and the other committed credit facilities, the company says it has secured bank financing for twelve out of thirteen newbuild vessels on order.

Press Release; September 23, 2014



Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >