Safe Bulkers Secures 2nd Refinancing Deal

Nasdaq–listed bulker owner and operator Safe Bulkers, Inc. has entered into a new term loan facility refinancing three credit facilities, in the total amount of USD 44.9 million.

The loan will be used for one Post-Panamax class vessel and two Panamax class vessels and has been entered into with Danish Ship Finance in the amount of USD 40 million.The facility has a tenor of six and a half years.

“This is the second refinancing agreement we entered into, designed to push back 3 balloon payments from 2018, 2019 and 2020 to 2022 in line with company’s policy to maintain a comfortable debt repayment profile until 2020, at very competitive costs,” says Loukas Barmparis, President of the company.

Just last week, Safe Bulkers sealed a new USD 75.3 million term loan facility agreement with the Royal Bank of Scotland plc, maturing December 2021. The proceeds from the loan were used to complete 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.

 

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