Daily News: August 6, 2018

Nordea, SEB to Provide $184MM Facility to Scorpio Bulkers


Scorpio Bulkers received a commitment from Nordea, New York branch, and Skandinaviska Enskilda Banken (SEB) for a loan facility of up to $184 million.

The facility 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. It is expected to close within the third quarter of 2018 and will be comprised of a term loan of up to $104 million and a revolver of up to $80 million.

The loan facility will have a final maturity date of five years from signing date and bear interest at LIBOR plus a margin of 2.40% per annum. It is expected to increase the company’s liquidity by approximately $47 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 new facility subject to customary conditions and the execution of definitive documentation.

Scorpio Bulkers provides marine transportation of dry bulk commodities and has an operating fleet of 57 vessels, including 56 wholly-owned or finance leased drybulk vessels and one time chartered-in Ultramax vessel.