Safe Bulkers Takes New Loan to Refinance Debt

Dry bulk shipping company Safe Bulkers has completed prepayment of three credit facilities, in the total amount of USD 82.4 million, the company said.

The credit facilities are related to one Capesize class vessel, one Post-Panamax and one Panamax class vessel. The prepayment resulted in the release of collateralized value of assets of USD 19.5 million (including USD 4.7 million in cash).

The prepayment was financed with the proceeds from a new USD 75.3 million term loan facility agreement with the Royal Bank of Scotland plc, maturing December 2021.

The new term loan facility is secured by the same three vessels that the old facilities financed, the company said.

“The new credit facility was designed to refinance three old credit facilities, resulting in the extension of balloon payments under the facilities from 2019 to 2021, and the reduction of principal payments for the first four years at a competitive margin,” said Loukas Barmparis, president of the company.

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