Eagle Bulk Shipping Increases Size of Credit Facility

Thursday, July 06, 2006
Eagle Bulk Shipping Inc., has received a commitment from its lender, the Royal Bank of Scotland plc, to increase and amend its revolving credit facility to $450m from $330m. The entire $450m facility will be available for a period of six years from the availability date, compared to four years remaining in the commitment period of the Company's existing facility. There are no principal repayment obligations during this initial six-year period. Over the remaining four years, the facility will reduce in semi-annual amounts of $25m with a final reduction of $250m occurring simultaneously with the last semi-annual reduction. The amended facility, which is subject to the execution of definitive documentation, will bear interest at the rate of 0.75 percent to 0.85 percent over LIBOR (decreased from 0.95 percent over LIBOR), depending upon the amount of debt drawn as a percentage of the value of the company's vessels. The company will pay a commitment fee of 0.25 percent per annum (decreased from 0.40 percent) on the undrawn amount of the facility.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1230 sec (8 req/sec)