Scorpio Bulkers Secures USD 85.5 Mn Loan for GOGL Ultramaxes

Monaco-based dry bulk shipping company Scorpio Bulkers Inc. has received a commitment for a loan facility of up to USD 85.5 million, the company informed.

The commitment was secured from Nordea Bank AB (publ), New York Branch, and Skandinaviska Enskilda Banken AB.

Scorpio said that it intends to use the loan to finance up to 60% of the market value of the six Ultramax vessels the company decided to acquire.

To remind, back in September, Scorpio announced it entered into agreements with Golden Ocean Group Limited (GOGL) to buy six Ultramax vessels.

The ships, built at Chengxi Shipyard between 2015 and 2017, will cost Scorpio some USD 142.5 million.

As disclosed earlier by Scorpio, the full purchase amount would also be financed by the company’s cash on hand.

The loan facility has a final maturity date of February 15, 2023 and bears interest at LIBOR plus a margin of 2.85% per annum.

“The loan facility is subject to customary conditions precedent and the execution of definitive documentation,” the company said.

The ships are expected to be delivered to their new owner during the fourth quarter of 2017.

Once delivered, Scorpio’s owned fleet will include 52 vessels, consisting of 18 Kamsarmax vessels and 34 Ultramax vessels. The company also time charters-in one Ultramax vessel.

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