Scorpio Bulkers announced that the Company has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to $60.0 million.
The loan facility will be used to finance up to 60% of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).
The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25% per annum. This loan facility, which is expected to close within August, would increase the Company’s liquidity by approximately $21 million after repayment of the vessels’ existing debt. The terms and conditions are similar to those set forth in the Company’s existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.