Connecticut-based owner of dry bulk ships Eagle Bulk Shipping has through one of its wholly-owned subsidiaries, Eagle Bulk Ultraco, closed a new credit agreement worth USD 61.2 million.

According to Eagle Bulk, the facility, which may be increased up to USD 100 million, is secured by the nine recently-acquired vessels from Greenship Bulk Trust. As of July 5, 2017, Eagle Bulk has taken delivery of seven of the Greenship Bulk vessels, the company said.

Commenting on the deal, Gary Vogel, Eagle Bulk’s CEO, said the facility provides the company with “increased financial flexibility and additional borrowing capacity at attractive terms. This transaction will further support our fleet growth and renewal program, which to-date includes the acquisition of 11 modern Ultramaxes. “

The facility carries an interest rate of LIBOR plus 2.95% and has a final maturity date of October 31, 2022, or five years. There are no fixed repayments until December 2018.

Lenders in the transaction are ABN AMRO, Skandinaviska Enskilda Banken AB (publ), and DVB Bank SE, Eagle Bulk further disclosed.

With the addition of these nine vessels, the Eagle Bulk fleet will consist of 50 owned vessels, ranging in size from 50,000 to 65,000 dwt.