Scorpio Bulkers Adds USD 34 Million to Loan Tally

Monaco-based bulker owner and operator Scorpio Bulkers is pushing ahead with its fleet refinancing efforts having secured a commitment from an unnamed European financial institution for a loan facility of up to USD 34 million.

The loan facility will be used to finance up to 62.5 pct of the fair market value of two Kamsarmaxes, SBI Jive and SBI Swing.

The loan, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to USD 17 million and a revolver up to USD 17 million, Scorpio said.

It a final maturity date of seven years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum.

The loan is expected to increase the company’s liquidity by approximately USD 10 million after repayment of the vessels’ existing debt.

The latest deal comes just a month after Scorpio received a commitment for a loan facility of up to USD 184 million.

The loan, secured from Nordea AB and Skandinaviska Enskilda Banken AB, will be used to finance six Ultramaxes.

The company has been on a major capital raising camping over the recent period which also included inking a loan of USD 60 million in July and USD 30 million in June 2018 for vessel refinancing.