Eagle Bulk Shipping Upsizes & Extends Credit Facility

Eagle Bulk Shipping Inc EGLE has entered into an amended and restated credit agreement providing an increased borrowing capacity of $175 million.
The agreement will also provide margin reduction and an extension in maturity by two years.
The senior secured amended credit facility totals $485 million, comprised of a $300 million term loan and a $185 million revolving credit facility.
It bears an interest rate of Adjusted Term SOFR plus a margin of between 2.05% and 2.75%.
The term loan will continue to amortize at a rate of $12.5 million per quarter, while starting in September, the availability under the revolving credit facility will reduce at a rate of $5.5 million per quarter.
The Facility will mature on September 28, 2028.
As of today, $260 million remains available under the Facility, $75 million under the term loan, and $185 million under the revolving credit facility.
Price Action: EGLE shares are trading higher by 2.12% at $43.26 on the last check Wednesday.