Safe Bulkers extends tenor of Unicredit loan

Safe Bulkers extends tenor of Unicredit loan

NYSE-listed Safe Bulkers has extended the tenor of its existing credit facility with Unicredit, which will delay the balloon payment initially scheduled to be made in 2019 until 2022.

A balance of $51.8m is still outstanding under the loan, which is secured against four unspecified vessels.

“This is the fourth consecutive agreement, designed to reduce the principal installments payable in the next four years and push back balloon payments after 2020 in line with the company’s policy to maintain a comfortable debt repayment profile, at very competitive costs,” Dr. Loukas Barmparis, Safe Bulkers’ president, said in a release today.

In February, Safe Bulkers extended the tenor of its credit facility with DNB (UK) by a further two years. The credit facility has a balance of $145.5m outstanding and is secured against 10 of Safe Bulkers’ vessels, plus an additional newbuilding due for delivery in March.

The company secured a new $40m term loan from Danmarks Skibskredit (Danish Ship Finance) in January, with which to refinance an existing $44.9m credit facility related to one post-panamax and two panamax bulk carrier.

The same month, it also refinanced three of its existing credit facilities with a new $75.3m term loan from the Royal Bank of Scotland. The three facilities are worth a combined $82.4m and relate to a capesize, a post-panamax and a panamax bulk carrier.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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