Scorpio’s loan facility commitment
(Posted on 02/08/18)
Scorpio Bulkers Inc. has announced that the Company has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to $60.0 million. The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).
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. This loan facility, which is expected to close within August, would increase the Company’s liquidity by approximately $21 million after repayment of the vessels’ existing debt. The terms and conditions are similar to those set forth in the Company's existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.
Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel. The Company’s owned and finance leased fleet has a total carrying capacity of approximately 3.9 million dwt and all of the Company’s owned vessels have carrying capacities of greater than 60,000 dwt.
Hamburg Süd and The China Navigation Company (CNCo), a subsidiary of the Swire Group, have announced... Read more
Algoma Central Corporation, a leading provider of marine transportation services, has announced that... Read more
The Swedish Club has launched its new edition of Claims at a Glance, a whistle-stop tour of cases and... Read more
The Indian Register of Shipping (IRClass) and the Government of Assam, a key state in India’s... Read more
ABS has held its official ribbon-cutting ceremony, formally opening its new global headquarters. Anchoring... Read more
The largest single volume order received for the barnacle-repelling antifouling ingredient Selektope... Read more
The technology group Wärtsilä has announces the appointment of Torsten Buessow as Director... Read more
Maritime security specialist Naval Dome has come up with an innovative approach to managing the cyber... Read more
Leading classification society Indian Register of Shipping (IRClass), has made significant inroads into... Read more
Leading classification society ClassNK has announced that it released amendments to its Rules and Guidance... Read more