Daily News: June 11, 2018

ING to Provide $30MM Loan Facility to Scorpio Bulkers


Scorpio Bulkers received a commitment for a loan facility of up to $30 million from ING Bank to refinance two of the company’s Kamsarmax bulk carriers.

The loan facility will have a final maturity date of five years from drawdown date and bear interest at LIBOR plus a margin of 2.20% per annum. The facility will increase the company’s liquidity by approximately $8 million after repayment of the vessels’ existing debt.

The terms and conditions will be similar to those set forth in the company’s existing credit facilities, with the loan facility subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Bulkers provides marine transportation of dry bulk commodities and has an operating fleet of 56 vessels, including 55 wholly-owned or finance leased drybulk vessels and one time chartered-in Ultramax vessel.