NYSE-listed dry bulk shipping company Safe Bulkers, Inc. has extended the term of its existing credit facility with DNB (UK) Limited by two years from September 2020 to September 2022.
The company’s extended facility, which stands at USD 145.5 million, is secured by ten vessels and an additional newbuild expected to be delivered in March 2016. The balloon payment which was initially scheduled to be made in 2020, in the amount of USD 115.2 million, has now been delayed for 2022, and will amount to USD 84 million.
“This amended credit facility with our major lender will extend the term, reduce the annual principal installments payable in the next five years and extend a balloon payment initially scheduled to be made in 2020 to maintain a comfortable debt repayment profile until 2022,” Loukas Barmparis, President of the Company, said.
Under the new facility repayment plan, Safe Bulkers plans to repay a total of USD 41.7 million in the period between 2018 and 2020, while the remaining amount of USD 103.8 million would be repaid between 2020 and 2022.