Scorpio Bulkers to Partially Finance 12 Ships with New 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 184 million.

The loan facility, secured from Nordea AB, acting through its New York branch, and Skandinaviska Enskilda Banken AB, will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels and six Kamsarmax dry bulk vessels.

The units in question are SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo, while the Kamsarmaxes include SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka.

Scorpio Bulkers  informed that the loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to USD 104 million and a revolver up to USD 80 million.

The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.40% per annum and is expected to increase the company’s liquidity by around USD 47 million after repayment of the vessels’ existing debt.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 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 1 2

GREENTECH IN SHIPPING GLOBAL FORUM

The mindset of sustainability and efficiency is the key to unlocking successful business…

read more >

Maritime Information Warfare

SMi are thrilled to announce the return of Maritime Information Warfare conference, now in its second year…

read more >

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >

The Nineteenth CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening is recognised as the premier end of year gathering for the global LNG industry…

read more >