Safe Bulkers, Inc. Refinances $82.4 Million Credit Facilities with Proceeds from New $75.3 Million Term Loan Facility with the Royal Bank of Scotland plc
January 21, 2016 at 10:59 am EST
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Safe Bulkers, Inc. announced that the company has completed prepayment of three credit facilities, in the total amount of USD 82.4 million, related to one Capesize class vessel, one Post-Panamax class vessel and one Panamax class vessel. The prepayment resulted in the release of collateralized value of assets of USD 19.5 million (including USD 4.7 million in cash). The prepayment was financed with the proceeds from a new USD 75.3 million term loan facility agreement with the Royal Bank of Scotland plc, maturing December 2021.
The 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: the total consolidated liabilities of the Company divided by its total consolidated assets must not exceed 85% until year end 2017, and 80% 2018 onwards. The aggregate market value of the three vessels under the facility divided by the aggregate outstanding loan value must exceed 110% until year end 2017 and 120% 2018 onwards.
Safe Bulkers, Inc. is a holding company. The Company's principal business is the acquisition, ownership and operation of drybulk vessels. The Company's vessels operate across the world, carrying drybulk cargo for the consumers of marine drybulk transportation services. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along shipping routes across the world. As of February 17, 2017 the Company's fleet included 38 vessels, of which 14 are Panamax class vessels, nine are Kamsarmax class vessels, 12 are Post-Panamax class vessels and three are Capesize class vessels, with an aggregate carrying capacity of 3,421,800 deadweight tonnage (dwt). The Company's fleet of Post-Panamax vessels includes Marina, Xenia, Sophia, Eleni, Martine, Andreas K, Panayiota K, Venus Heritage, Venus History, Venus Horizon and Troodos Sun. Its fleet of Capesize vessels includes Kanaris, Pelopidas and Lake Despina.
Safe Bulkers, Inc. Refinances $82.4 Million Credit Facilities with Proceeds from New $75.3 Million Term Loan Facility with the Royal Bank of Scotland plc
SAFE BULKERS, INC. 
