Scorpio Bulkers Inc. (NYSE:SALT) (Scorpio Bulkers) announced yesterday that the Company has received a commitment from a leading European financial institution for a loan facility of up to $38.7 million.

Scorpio Bulkers announces commitment for new Loan Facility and modifies contract for the Acquisition of an Ultramax vessel

The loan facility will be used to finance up to 60% of the market value of the three Ultramax drybulk vessels the Company has recently agreed to acquire.The loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum.

The terms and conditions will be 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.

Scorpio Bulkers also announced yesterday that the Company has agreed to modify a previously announced contract with an unaffiliated third party to acquire a 2015 Chinese built Ultramax drybulk vessel. The Company will now include in the total consideration 910,802 common shares of the Company.

Source: Scorpio Bulkers