New financing deal for Scorpio Bulkers

Monaco-based Scorpio Bulkers has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to $60 million.

The loan facility will be used to finance up to 60 percent 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 percent 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 out in the company’s existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio tanker
Photo: Scorpio Bulkers

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.

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