- Safe Bulkers Inc (NYSE: SB) entered into a new credit facility of $60 million with a five-year tenor secured with five vessels.
- The credit facility comprises a term loan tranche of $30 million and a revolving credit facility tranche providing a drawdown capacity of up to $30 million, reducing from its fourth year onwards.
- The company plans to use proceeds from the credit facility to refinance loan facilities with the same financial institution of an outstanding term loan tranche of $71.1 million and a revolving credit facility tranche with a drawdown capacity of $6.5 million. Presently secured by six vessels and maturing in 2024, five will secure the new credit facility, and one will remain debt-free.
- Price Action: SB shares closed higher by 2.32% at $5.29 on Friday.
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