The loan facility will be used to finance up to 60% of the market value of the six Ultramax vessels the Company has recently agreed to acquire.
The loan facility has a final maturity date of February 15, 2023 and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions are similar to those set forth in the Company's existing credit facilities.
The loan facility is subject to customary conditions precedent and the execution of definitive documentation.
Scorpio Bulkers is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc., after the completion of the recent acquisition of six Ultramax vessels, will own 52 vessels, consisting of 18 Kamsarmax vessels and 34 Ultramax vessels.
The Company also time charters-in one Ultramax vessel. The owned fleet will have a total carrying capacity of approximately 3.6 million deadweight tonnes upon the completion of the acquisition of the six Ultramax vessels.