Safe Bulkers extends tenor of Unicredit loan

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Safe Bulkers has extended the tenor of its existing credit facility with Unicredit, which will delay the balloon payment initially scheduled to be made in 2019 until 2022.

A balance of $51.8m is still outstanding under the loan, which is secured against four unspecified vessels.

“This is the fourth consecutive agreement, designed to reduce the principal installments payable in the next four years and push back balloon payments after 2020 in line with the company’s policy to maintain a comfortable debt repayment profile, at very competitive costs,” Dr. Loukas Barmparis, Safe Bulkers’ president, said in a release.

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