Star Bulk Carriers subsidiary gets $231 million 18-month loan

By Angela McDaniels

Tacoma, Wash., Sept. 3 – Star Bulk Carriers Corp. subsidiary Unity Holding LLC entered into a $231 million senior secured credit agreement with lenders that include entities affiliated with Oaktree Capital Management LP and Silver Oak Capital LLC, according to a 6-K filing with the Securities and Exchange Commission.

The credit agreement has a term of 18 months and will be secured by, among other things, 33 vessels being indirectly acquired by the company.

The interest rate is Libor plus 500 basis points per year for the first six months and Libor plus 600 bps per year after that.

Wilmington Trust, NA is the administrative agent.

Star is an Athens-based provider of transportation services for the dry bulk goods sector.

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