Star Bulk Carriers announced that all the 5% Convertible Senior Notes, issued in July 2019 by our wholly-owned subsidiary, Eagle Bulk Shipping maturing on August 1, 2024, were converted into 5,971,290 newly issued shares of Star Bulk common stock, basis a conversion ratio of 86.0801 shares of Star Bulk common stock per $1,000 principal amount of Convertible Notes.
Accordingly, the Company will proceed to the cancellation of all the Convertible Notes. In connection with the Convertible Notes, 1,341,584 shares of Star Bulk have been loaned out as part of a share lending agreement with Jefferies Capital Services, LLC (“JCS”). It is expected that the Loaned Shares will be returned by JCS and cancelled by the Company upon the expiration date of the Convertible Notes on August 1, 2024. Taking into account the above transactions, our current share count will be 118,825,307 and our current outstanding debt $1,381 million.