Safe Bulkers, an international provider of marine drybulk transportation services, has completed prepayment of three credit facilities, in the total amount of $82.4 million, related to one Capesize class vessel, one Post-Panamax class vessel and one Panamax class vessel.

The prepayment was financed with the proceeds from a new $75.3 million term loan facility agreement with the Royal Bank of Scotland, maturing December 2021. The new term loan facility is secured by the same three vessels that the old facilities financed and contains the following financial covenants, in line with the existing loan and credit facilities of the company.

The prepayment resulted in the release of collateralized value of assets of $19.5 million (including $4.7 million in cash).

Dr. Loukas Barmparis, president of the Safe Bulkers, said: “The new credit facility was designed to refinance three old credit facilities, resulting in the extension of balloon payments under the facilities from 2019 to 2021, and the reduction of principal payments for the first four years at a competitive margin.”