Safe Bulkers Pushes Back Another Loan Payment

Dry bulk shipping company Safe Bulkers, Inc. has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of USD 51.8 million, delaying the balloon payment initially scheduled to be made in 2019 for 2022.

Under the agreed deal with Unicredit, the total consolidated liabilities of the company divided by its total consolidated assets must not exceed 85% and the aggregate market value of the four vessels must exceed 110% until year end 2017 and 120% from 2018 onwards.

The ratio of the company’s EBITDA to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards. In addition, the consolidated net worth of the company must not be less than USD 150 million.

 “This is the fourth consecutive agreement, designed to reduce the principal installments payable in the next four years and push back balloon payments after 2020 in line with the company’s policy to maintain a comfortable debt repayment profile, at very competitive costs,” Loukas Barmparis, President of the company, said.

The previous three refinancing deals, all agreed this year, saw Safe Bulkers extend the term of its existing credit facility with DNB (UK) Limited by two years from September 2020 to September 2022, agree a new USD 75.3 million term loan with the Royal Bank of Scotland and score a new term loan refinancing three credit facilities, worth a total of USD 44.9 million.

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 >