Eagle Bulk Raises Funds for New Ships

Maritime Activity Reports, Inc.

July 24, 2019

Pic: Eagle Bulk Shipping

Pic: Eagle Bulk Shipping

Eagle Bulk Shipping announced a $100 million convertible  note offering in a private placement to qualified institutional buyers.

Eagle Bulk intends to use the net proceeds from the offering to fund a portion of the aggregate purchase price of up to six modern high-specification Ultramax vessels and for general corporate purposes, including working capital.

"Closing of the purchase of the Acquisition Vessels is subject to customary conditions. Certain events may arise which could result in the company not taking delivery of any of the Acquisition Vessels, including without limitations a total loss of a vessel, a constructive total loss of a vessel, or substantial damage to a vessel prior to its delivery," the Nasdaq-listed dry bulk owner said in a press release.

The notes will mature on August 1, 2024 and may be converted at the holder’s option into cash, shares or a combination of cash and shares at the company’s election.

Headquartered in Stamford, Connecticut, with offices in Singapore and Hamburg, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world.  As of December 31, 2018, it operated a fleet of 47 vessels.

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