Scorpio Bulkers Secures $60 Mln Loan Facility

Scorpio Bulkers Inc. said it has received a commitment from ABN AMRO Bank N.V. and Norddeutsche Landesbank Girozentrale for a loan facility of up to $60 million that will be used to finance up to 60 percent of the fair market value of two Ultramax dry bulk vessels (SBI Perseus and SBI Phoebe) and two Kamsarmax dry bulk vessels (SBI Electra and SBI Flamenco).

The loan facility has a final maturity date of five years from drawdown date and bears interest at LIBOR plus a margin of 2.25 percent per annum.

The loan facility, which is expected to close within August, would increase the company’s liquidity by approximately $21 million after repayment of the vessels’ existing debt.