Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (Eagle Bulk), one of the world’s largest owner-operators within the Supramax / Ultramax segment, Monday (Oct 07) announced that Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company, closed on a USD 34.3 million incremental term loan under its existing five-year senior secured term loan facility, which bears an interest rate of LIBOR plus 2.50% and matures in 2024. 

Eagle Bulk Shipping Inc. Closes on USD 34 Million Term Facility Increase
Caption: Bulk carrier Copenhagen Eagle - Image courtesy of Ersen Aktan


The incremental amount of the facility is secured by the three Ultramaxes the Company recently acquired and took delivery of — M/V Copenhagen Eagle, M/V Dublin Eagle, and M/V Sydney Eagle.

Net loan proceeds will be used for general corporate purposes, including capital expenditures relating to the installation of exhaust gas cleaning systems, or “scrubbers.”

Financing for the incremental term loans under the facility has been provided by the Company’s existing lenders: ABN AMRO, Credit Agricole Corporate and Investment Bank (Credit Agricole), Skandinaviska Enskilda Banken AB (SEB), DNB Bank ASA (DNB), Danish Ship Finance, and Nordea.

Source: Eagle Bulk