Eagle Bulk Shipping Inc. Closes on New $61.2 Million Term Loan Facility
06 July 2017 - 6:30AM
Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that one of
its wholly-owned subsidiaries, Eagle Bulk Ultraco LLC (“Ultraco”),
has closed a new Credit Agreement (the “Facility”) in the aggregate
principal amount of up to $61.2 million. The Facility, which
may be increased up to $100 million in the aggregate under certain
conditions, is secured by the nine recently-acquired vessels from
Greenship Bulk Trust. As of July 5, 2017, Eagle Bulk has
taken delivery of seven of the Greenship Bulk vessels.
Gary Vogel, Eagle Bulk's CEO, commented, “We are
pleased to have successfully closed on this new Facility, which
provides our Company with increased financial flexibility and
additional borrowing capacity at attractive terms. This
transaction will further support our fleet growth and renewal
program, which to-date includes the acquisition of 11 modern
Ultramaxes.
“We are appreciative to our lenders for their
support, which we believe highlights their confidence in Eagle and
our continued development as a premier Owner/Operator.”
The Facility carries an interest rate of LIBOR
plus 2.95% and has a final maturity date of October 31, 2022, or
five years. There are no fixed repayments until December
2018.
Lenders in the transaction are ABN AMRO,
Skandinaviska Enskilda Banken AB (publ), and DVB Bank SE.
About Eagle Bulk ShippingEagle
Bulk Shipping Inc. is a Marshall Islands corporation headquartered
in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets
of Supramax/Ultramax dry bulk vessels in the world.
Supramax/Ultramax vessels, which are constructed with on-board
cranes, range in size from approximately 50,000 to 65,000 dwt. The
Company transports a broad range of major and minor bulk cargoes,
including but not limited to coal, grain, ore, pet coke, cement and
fertilizer, along worldwide shipping routes.
Forward-Looking
StatementsMatters discussed in this release may constitute
forward-looking statements. Forward-looking statements reflect
management's current expectations and observations with respect to
future events and financial performance. Where the Company
expresses an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, the Company's forward-looking
statements are subject to risks, uncertainties, and other factors,
which could cause actual results to differ materially from future
results expressed, projected, or implied by those forward-looking
statements. The Company's actual results may differ
materially from those anticipated in these forward-looking
statements as a result of certain factors, including changes in the
Company’s financial resources and operational capabilities and as a
result of certain other factors listed from time to time in the
Company's filings with the U.S. Securities and Exchange
Commission. The Company disclaims any intent or obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws.
Company Contact
Frank De Costanzo
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 203-276-8100
Media and Investor Contact
Jonathan Morgan or Alex Hinson
Perry Street Communications
212-741-0014
eagle@perryst.com
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