Dry bulk operator Eagle Bulk Shipping has announced that one of its wholly-owned subsidiaries, Eagle Bulk Ultraco, has secured a new credit facility of up to $61.2m.
The facility, which may be increased up to $100m, is secured by the nine recently acquired vessels from Greenship Bulk Trust. So far, Eagle Bulk has taken delivery of seven of the Greenship vessels.
“We are pleased to have successfully closed on this new facility, which provides our company with increased financial flexibility and additional borrowing capacity at attractive terms. This transaction will further support our fleet growth and renewal program, which to-date includes the acquisition of 11 modern ultramaxes,” said Gary Vogel, Eagle Bulk’s CEO.
The facility has a final maturity date of October 31, 2022. Lenders in the transaction are ABN AMRO, Skandinaviska Enskilda Banken AB, and DVB Bank.