Scorpio Bulkers to Partially Finance 12 Ships with New Loan

Monaco-based bulker owner Scorpio Bulkers has received a commitment for a loan facility of up to USD 184 million.

The loan facility, secured from Nordea AB, acting through its New York branch, and Skandinaviska Enskilda Banken AB, will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels and six Kamsarmax dry bulk vessels.

The units in question are SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo, while the Kamsarmaxes include SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka.

Scorpio Bulkers  informed that the loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to USD 104 million and a revolver up to USD 80 million.

The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.40% per annum and is expected to increase the company’s liquidity by around USD 47 million after repayment of the vessels’ existing debt.