Eagle Bulk Ultraco closed on a $34.3 million incremental term 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 — 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 exhaust gas cleaning systems, or “scrubbers.”
Financing for the incremental term loans under the facility has been provided by the company’s existing lenders: ABN AMRO, Credit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken, DNB Bank, Danish Ship Finance, and Nordea.
Eagle Bulk Shipping is a U.S.-based fully integrated shipowner-operator.