Scorpio Bulkers Secures New USD 60 Mn Loan

MoneyIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Monaco-based bulker owner Scorpio Bulkers has received a commitment for a loan facility of up to USD 60 million.

The new loan, secured from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale, will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels and two Kamsarmax dry bulk vessels.

The ships in question are SBI Perseus, SBI Phoebe, SBI Electra and SBI Flamenco.

Scorpio Bulkers said that the loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum.

The loan, which is expected to close within August, would increase the company’s liquidity by around USD 21 million after repayment of the vessels’ existing debt.

The company informed that the terms and conditions were similar to those set forth in its existing credit facilities.

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