Eagle Bulk amends loan, modifying size and pricing

By Sara Rosenberg

New York, Dec. 23 - Eagle Bulk Shipping Inc. amended its credit facility, reducing the size to $1.35 billion from $1.6 billion and revising pricing to Libor plus 175 basis points, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

In addition, the amendment reduced the minimum net worth requirement to $75 million from $300 million for 2009 and provides that future dividend payments will be based on the maintenance of a minimum security value of 130%.

The amendment was completed on Dec. 17.

Royal Bank of Scotland is the lead bank on the deal.

Eagle Bulk is a New York-based provider of ocean transportation services.

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