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Scorpio Bulkers fixes funds for Greathorse ultramax trio
Monaco-headquartered Scorpio Bulkers has sealed a new $38.7m loan facility from a European financial institution to finance up to 60% of the market value of its acquisition of three ultramax vessels from China’s Greathorse International Ship Management.
The loan facility has a final maturity of five years and bears interest at LIBOR plus 2.85% per annum.
Additionally, Scorpio has part financed the acquisition by modifying the contract with Greathorse for 2015-built Tiger Tianjin so that it will issue Greathorse 910,802 common shares in the company.