Safe Bulkers prepays $82.4 million on three loans via new agreement

By Tali Rackner

Norfolk, Va., Jan. 21 – Safe Bulkers, Inc. prepaid $82.4 million on three credit facilities related to one Capesize class vessel, one Post-Panamax class vessel and one Panamax class vessel, according to a press release.

The prepayment resulted in the release of collateralized value of assets of $19.5 million (including $4.7 million in cash).

The prepayment was financed with the proceeds from a new $75.3 million term loan facility agreement with the Royal Bank of Scotland plc, maturing December 2021. This new term loan facility is secured by the same three vessels that the old facilities financed and contains the following financial covenants, in line with the existing loan and credit facilities of the company.

Safe Bulkers is an Athens-based provider of marine drybulk transportation services.

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