Safe Bulkers, a New York-based company, owns Greek bulk commodities and has a new $ 70 million five-year credit facility.
The loan includes a $ 30 million term loan tranche and a shrinking revolving credit facility tranche with an option to draw up to $ 40 million. The proceeds will go towards refinancing a $ 64.3 million line of credit for eight ships due in 2023.
Lucas Barmparis, President of Safe Bulkers, said: “We are continuing our strategy of gradually reducing our company’s leverage and increasing the revolving credit line component of our debt, which provides more flexibility and reduces total interest expense, targeting a lower debt burden as how we continue to update our fleet with modern, energy efficient new buildings or used tonnages from leading Japanese shipyards that will replace old or Chinese-built ships. “
Last Week Safe Bulkers acquired Japanese bulk carrier Panamax in 2013. for $ 22 million