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June 12, 2018
 

ING bankrolls Scorpio Bulkers

Drybulk operator Scorpio Bulkers has received a commitment for a loan facility of up to $30 million from ING Bank to refinance two Kamsarmax bulk carriers (SBI Zumba and SBI Parapara).

The loan facility has a final maturity of five years from drawdown date and bears interest at Libor plus 2.20%.

This loan facility increases the company’s liquidity by about $8.0 million after repayment of the vessels’ existing debt.

Terms and conditions are similar to those set forth in the company’s existing credit facilities and the loan facility is subject to customary conditions precedent and the execution of definitive documentation.