Scorpio Bulkers Inc. Announces A Commitment for a New Loan Facility
October 18 2017 - 8:23AM
Scorpio Bulkers Inc. (NYSE:SALT) (“Scorpio Bulkers,” or the
“Company”) announced today that the Company has received a
commitment for a loan facility of up to $85.5 million from Nordea
Bank AB (publ), New York Branch, and Skandinaviska Enskilda Banken
AB. The loan facility will be used to finance up to 60% of
the market value of the six Ultramax vessels the Company has
recently agreed to acquire. The loan facility has a final maturity
date of February 15, 2023 and bears interest at LIBOR plus a margin
of 2.85% per annum. The terms and conditions are similar to
those set forth in the Company's existing credit facilities. The
loan facility is subject to customary conditions precedent and the
execution of definitive documentation.
About Scorpio Bulkers Inc.
Scorpio Bulkers Inc. is a provider of marine
transportation of dry bulk commodities. Scorpio Bulkers Inc.,
after the completion of the recent acquisition of six Ultramax
vessels, will own 52 vessels, consisting of 18 Kamsarmax vessels
and 34 Ultramax vessels. The Company also time charters-in one
Ultramax vessel. The owned fleet will have a total carrying
capacity of approximately 3.6 million deadweight tonnes upon the
completion of the acquisition of the six Ultramax vessels.
Additional information about the Company is available on the
Company’s website www.scorpiobulkers.com, which is not a part of
this press release.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the failure of counterparties to fully perform
their contracts with us, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk
vessel capacity, changes in our operating expenses, including
bunker prices, drydocking and insurance costs, the market for our
vessels, availability of financing and refinancing, charter
counterparty performance, ability to obtain financing and comply
with covenants in such financing arrangements, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation,
general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessels breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
Contact:
Scorpio Bulkers Inc.
+377-9798-5715 (Monaco)
+1-646-432-1675 (New York)
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