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Safe Bulkers refinances three vessels

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.

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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