By Paul A. Harris
Portland, Ore., Nov. 16 – Eagle Bulk Shipping Inc. announced in a Thursday press release that it priced $200 million of 8¼% five-year senior secured bonds.
The notes were sold by way of private placement to qualified institutional buyers or non-U.S. investors under Regulation S by its subsidiary Eagle Bulk Shipco LLC.
In addition, Eagle Shipping LLC, a wholly owned subsidiary of Eagle Bulk Shipping, has received a loan commitment from certain of its existing lenders for a $65 million five-year senior secured credit facility, which will bear an interest rate of Libor plus 350 basis points.
Proceeds from the bonds and loan will be used to repay at par the outstanding amounts on both the existing first- and second-lien facilities at Eagle Shipping LLC.
Eagle Bulk is a Marshall Islands corporation based in New York that owns dry bulk vessels and transports bulk cargoes.
| Issuer: | Eagle Bulk Shipco LLC
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| Amount: | $200 million
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| Maturity: | November 2022
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| Securities: | Senior secured bonds
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| Coupon: | 8¼%
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| Settlement date: | Nov. 28
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| Format: | Regulation S
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