Eagle Bulk Secures USD 34 Mn Loan for Scrubbers

The U.S.-based ship owner and operator Eagle Bulk Shipping has closed on a USD 34.3 million incremental term loan to be used for the installation of exhaust gas cleaning systems.

The company’s subsidiary, Eagle Bulk Ultraco LLC, closed the loan under its existing five-year senior secured term loan facility, which bears an interest rate of LIBOR plus 2.50% and matures in 2024.

The incremental amount of the facility is secured by the three Ultramaxes the company recently acquired and took delivery of, namely the  M/V Copenhagen Eagle, M/V Dublin Eagle, and M/V Sydney Eagle.

Net loan proceeds will be used for general corporate purposes, including capital expenditures relating to the installation of scrubbers.

Financing for the incremental term loans under the facility has been provided by the company’s existing lenders, including ABN AMRO, Credit Agricole Corporate and Investment Bank (Credit Agricole), Skandinaviska Enskilda Banken AB (SEB), DNB Bank ASA (DNB), Danish Ship Finance, and Nordea.