Star Bulk Carriers Corp. announced, that on February 5, 2018 it has paid to all parties under the Company’s debt restructuring agreements, an amount of $35.6 million. Said amount represents as of December 31, 2017, the excess cash as resulting from the “cash sweep” mechanism incorporated in the debt restructuring agreements, and which will be directed in full towards reduction of deferred amounts.
Following this payment, the Company had $107.1 million deferred amounts outstanding as of December 31, 2017, compared to the $223.9 million originally agreed to be deferred until June 30, 2018. As announced on December 28, 2017, the Company has reinstated the original amount of debt principal repayments to all parties under the restructuring agreements and intends to work towards eliminating the deferred amounts in full by the end of 2018.
The Company further announced that it has received a committed term sheet from a major commercial banking institution for the refinancing of the Commerzbank facility with current outstanding balance of $34.7 million. The completion of the transaction is subject to customary definitive documentation and the Company expects the refinancing to take place in April 2018.
Finally, the Company announced that it will release its results for the fourth quarter and full year ended December 31, 2017 after the market closes in New York on Tuesday, February 27, 2018. Star Bulk’s management team will host a conference call to discuss the Company’s financial results on Wednesday, February 28, 2018 at 11:00 a.m. Eastern Time (ET).