Eagle Bulk Shipping closes on USD 34 million term facility increase
Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the Supramax / Ultramax segment, has announced that Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company, closed on a USD 34.3 million incremental term loan under its existing five-year senior secured term loan facility, which bears an interest rate of LIBOR plus 2.50% and matures in 2024, the company said in its release. The incremental amount of the facility is secured by the three Ultramaxes the Company recently acquired and took delivery of — M/V Copenhagen Eagle, M/V Dublin Eagle, and M/V Sydney Eagle.
Net loan proceeds will be used for general corporate purposes, including capital expenditures relating to the installation of exhaust gas cleaning systems, or “scrubbers.”
Financing for the incremental term loans under the facility has been provided by the Company’s existing lenders: ABN AMRO, Credit Agricole Corporate and Investment Bank (Credit Agricole), Skandinaviska Enskilda Banken AB (SEB), DNB Bank ASA (DNB), Danish Ship Finance, and Nordea.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.