Eagle Bulk Shipping Inc.: debt financing — Eagle Bulk upsizes credit facilities to $485.3M; adds $175M in new loans

Eagle Bulk Shipping Inc.

Aggregate senior secured facilities increased to $485.3M via amended credit agreement dated May 11, 2023.
New $75M term loan and $100M revolving credit facility added; both mature September 28, 2028.
Interest rate is SOFR plus 2.05%-2.75% based on leverage ratio and sustainability-linked criteria.
Proceeds for general corporate purposes including vessel purchases, stock buybacks, and debt retirement.
Facilities secured by 50 owned vessels and two vessels to be delivered by June 15, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Eagle Bulk Shipping Inc. amended credit facility of Aggregate principal amount increased to $485.3 million with Crédit Agricole Corporate and Investment Bank at Outstanding borrowings bear interest at a rate equal to the sum of Adjusted Term maturing September 28, 2028.

Instrument: credit facility
Principal: Aggregate principal amount increased to $485.3 million
Counterparty: Crédit Agricole Corporate and Investment Bank
Rate: Outstanding borrowings bear interest at a rate equal to the sum of Adjusted Term
Maturity: September 28, 2028
Event: amendment

Exact text from the filing

”). The Amended Credit Agreement provides for additional loans of up to $175.0 million, thereby increasing the aggregate principal amount of senior secured credit facilities to $485.3 million. Additional amounts provided under the Amended Credit Agreement consist of (i) an additional term loan in an aggregate principal amount of up to $75.0 million (which will be

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Source: SEC EDGAR

accession 0001628280-23-018563

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