Eagle Bulk draws under credit agreement for final vessel purchase

By Tali Rackner

Minneapolis, Sept. 5 – Eagle Bulk Shipping Inc. used borrowings under its credit agreement dated June 28, 2017 to complete its acquisition of a ninth and final dry bulk vessel, according to an 8-K filing with the Securities and Exchange Commission.

The company also used cash on hand to fund the purchase of the M/V Westport Eagle.

The total purchase price for the nine vessels is $153 million, the filing said. The allocated purchase price for each vessel is $17 million.

Eagle Bulk is a Marshall Islands corporation based in New York that owns dry bulk vessels and transports bulk cargoes.

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