Monaco-based shipping company Scorpio Bulkers has received a commitment for a loan facility to finance a part of the market value of the three Ultramax dry bulk vessels it recently agreed to acquire.
Secured from an undisclosed European financial institution, the loan facility is for an amount of up to USD 38.7 million. It will be used to finance up to 60% of the market value of the Ultramax trio.
Scorpio Bulkers said that the loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions will be similar to those set forth in the company’s existing credit facilities.
The loan facility is subject to customary conditions precedent and the execution of definitive documentation.
Scorpio Bulkers informed that it has agreed to modify the deal related to the acquisition of one of the Ultramaxes, namely the 2015-built ship. Scorpio Bulkers will now include in the total consideration 910,802 common shares of the company.
All of the Ultramax vessels were built at Chengxi Shipyard in China. Two of them were delivered in 2014 and one in 2015.