Eagle Bulk secures extra loan

NADAQ listed Eagle Bulk Shipping has secured extra $34.3 million loan for scrubbers on three (3) recently acquired ultramax bulk carriers. $34.3 million loan has been added to an existing five-year senior secured term loan provided by a syndicate of six lenders. Three ultramax bulk carriers:

  • MV Copenhagen Eagle (63K DWT 2015 built)
  • MV Dublin Eagle (63K DWT 2015 built)
  • MV Sydney Eagle (63K DWT 2015 built)

Gary Vogel led Eagle Bulk Shipping stated that net proceeds from $34.3 million loan will be used for general corporate purposes, including capital expenditures relating to the installation of scrubbers for these there (3) ultramax bulk carriers.

Financing for the incremental $34.3 million loan has been provided by Eagle Bulk Shipping’s existing syndicate lenders:

  • Credit Agricole Corporate and Investment Bank
  • Skandinaviska Enskilda Banken
  • DNB Bank
  • Danish Ship Finance
  • Nordea.

Gary Vogel led Eagle Bulk Shipping’s existing five-year facility bears an interest rate of LIBOR (London Interbank Offered Rate) plus 2.50% and matures in 2024. In September 2019, Eagle Bulk Shipping filed a shelf registration for a possible $750 million equity raise, which would fund fleet expansion and general business costs. Eagle Bulk Shipping also recorded up to 50.7 million common shares for possible shareholder resale, including 34.3 million covered by a prior registration.