Scorpio Bulkers Gets New Build Financing form Nordic Banks

August 6, 2018

Scorpio Bulkers announced that it has received a commitment from Nordea AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) for a loan facility of up to $184.0 million.

The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka).

The loan facility, which is expected to close within the third quarter of 2018, will be comprised of a term loan up to $104.0 million and a revolver up to $80.0 million.

The loan facility has a final maturity date of five years from signing date and bears interest at LIBOR plus a margin of 2.40% per annum. This loan facility is expected to increase the Company’s liquidity by approximately $47.0 million after repayment of the vessels’ existing debt.

The terms and conditions are similar to those set forth in the Company's existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.

Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities.  Scorpio Bulkers Inc. has an operating fleet of 57 vessels consisting of 56 wholly-owned or finance leased drybulk vessels (including 19 Kamsarmax vessels and 37 Ultramax vessels), and one time chartered-in Ultramax vessel.

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