NYSE-listed Safe Bulkers has refinanced three of its existing credit facilities with a new $75.3m term loan from the Royal Bank of Scotland.
The Greek company has used the loan to prepay three credit facilities worth a combined $82.4m, which relate to a capesize, a post-panamax and a panamax bulk carrier.
The prepayment released $19.5m in the assets’ collateralised value, of which $4.7m was in cash.
The new RBS term loan matures in December 2021 and has been secured against the same three vessels, Safe Bulkers said.
“The new credit facility was designed to refinance three old credit facilities, resulting in the extension of balloon payments under the facilities from 2019 to 2021, and the reduction of principal payments for the first four years at a competitive margin,” Dr. Loukas Barmparis, Safe Bulkers’ president, commented in a release.