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Eagle Bulk to issue bond and secure additional loan to cover debts

Eagle Bulk to issue bond and secure additional loan to cover debts

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Stamford-based Eagle Bulk Shipping is seeking to cover its debts with secured bond issues made through some of its subsidiary companies.

The operator of dry bulkers has, through subsidiary Eagle Bulk Shipco, priced $200m in senior secured bonds. These will carry a coupon (periodic interest payment) of 8.25% and be due in November 2022.

A different subsidiary, Eagle Shipping LLC, has received a loan commitment from existing lenders for a senior secured credit facility to the tune of $65m, a loan that matures in November 2022.

Net proceeds from the bond issue and the loan will be used to repay debts of Eagle Shipping LLC.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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