The company’s subsidiary Eagle Bulk Shipco has priced USD 200 million in senior secured bonds which will carry a coupon of 8.25% and be due in November 2022.
Additionally, the company informed that a separate subsidiary, Eagle Shipping LLC, received a loan commitment from certain of its existing lenders in the amount of USD 65 million for a senior secured credit facility which will bear an interest rate of LIBOR plus 3.50% and have a maturity date of November 2022.
Eagle Bulk Shipping informed that the net proceeds from the bond offering and loan will be used to repay the outstanding amounts on both the existing first and second lien facilities at Eagle Shipping LLC.
The bond offering, being placed in the Norwegian bond markets, is expected to close on November 28, 2017, the company said, adding that the facility is to close on December 7, subject to customary definitive documentation and closing conditions.
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