USD 90 Mn Loan in the Bag for Scorpio Bulkers
- Business & Finance
Monaco-based dry bulk shipping company Scorpio Bulkers has scored yet another loan, continuing its successful fleet refinancing streak from this year.
The loan is worth USD 90 million, which will be used to finance 60 percent of the value of the company’s six Ultramax bulkers.
The loan commitment was received from Nordea Bank Abp, acting through its New York branch, and DVB Bank SE.
The ships in question are: SBI Orion, SBI Hyperion, SBI Tethys, SBI Hercules, SBI Samson and SBI Phoenix.
The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.35% per annum.
This loan facility, which is expected to close within October 2018, would increase the company’s liquidity by approximately USD 28.0 million after repayment of the vessels’ existing debt.
The deal is being revealed in less than a week since the company’s latest refinancing move.
Namely, Scorpio Bulkers entered into a sale and leaseback agreement for the 2016-built dry bulk vessel SBI Hermes for USD 20.5 million.
The company has embarked on an ambitious fleet refinancing that proved to be very frutiful. Last month the company scored a loan facility of up to USD 34 million, just a month after securing a loan up to USD 184 million.
The capital raising efforts over the past four months have brought in over USD 308 million to the company.