Safe Bulkers, an international provider of marine drybulk transportation services, accepted a signed offer letter from ING Bank to amend certain terms of an existing committed revolving credit facility. Following this amendment, the committed revolving credit facility of up to $32 million, with five-year duration, secured by two newbuild vessels contains the following financial covenants:

• The total consolidated liabilities of the company divided by its total consolidated assets charter inclusive must not exceed 90% until and including year-end 2017 and 85% from 2018 onwards.
• The ratio of the company’s EBITDA to its interest expense must be not less than 2.0:1 on a trailing 12 month basis, applicable from 2018 onwards.
• The consolidated net worth of the company, defined as total consolidated assets charter inclusive less total consolidated liabilities is waived until and including year-end 2017 subject to a minimum fleet size of 30 vessels and not less than $150.0 million from 2018 onwards.
• The aggregate market value of the vessels under the facility divided by the aggregate outstanding loan value must exceed 110% until year-end 2017 and 120% from 2018 onwards.