Scorpio Bulkers gets commitments for $411.26 million six-year facility

By Susanna Moon

Chicago, Oct. 20 – Scorpio Bulkers, Inc. said it received commitments from lenders for a $411,264,000 six-year credit facility.

The facility was arranged by DNB Markets, Inc. and includes commitments from DNB Capital, LLC, the Export-Import Bank of Korea and Korea Trade Insurance Corp. as well as from Korean and international pension funds and financial institutions, according to a company press release.

The facility will mature six years from the delivery of the final vessel securing the facility but no later than June 2022 and in some circumstances the facility will mature 12 years after the delivery of each financed vessel.

The facility is available to finance up to 60% of the contract price of the company’s 12 Capesize bulk carriers under construction at Sungdong Shipbuilding & Marine Engineering Co., Ltd, South Korea.

The terms and conditions of the facility, including covenants, are similar to those in the company’s existing credit facilities.

“We now have five closed or committed loan facilities amounting to up to $1.388 billion, financing 64 vessels in our 80 vessel fleet,” Emanuele Lauro, the company’s chairman and chief executive officer, said in the press release.

“We have also received proposals for loan facilities for our remaining 16 unfinanced vessels and expect that we will announce commitments in respect of these vessels within the fourth quarter of 2014.”

Scorpio is a Monaco-based shipping company.

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