Scorpio Bulkers Inc. Announces A Commitment for a New Loan Facility

By Finance

Scorpio Bulkers Inc. (NYSE:SALT) (Scorpio Bulkers) announced yesterday that the Company has received a commitment for a loan facility of up to $85.5 million from Nordea Bank AB (publ), New York Branch, and Skandinaviska Enskilda Banken AB.

Scorpio Bulkers Inc. Announces A Commitment for a New Loan Facility
Caption: Bulk carrier SBI PHOEBE - Image courtesy of Gaga

The loan facility will be used to finance up to 60% of the market value of the six Ultramax vessels the Company has recently agreed to acquire.

The loan facility has a final maturity date of February 15, 2023 and bears interest at LIBOR plus a margin of 2.85% per annum.

The terms and conditions are 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.

Source: Scorpio Bulkers