Safe Bulkers Enters $60M Credit Facility To Refinance Existing Loan

Safe Bulkers Inc 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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