Markets

Safe Bulkers Secures New $100 Million Credit Facility

10:43AM ET 12/08/2021 MT Newswires
Safe Bulkers Inc. (SB) said Wednesday it has entered into a new $100 million credit facility with a five-year tenor secured with six vessels.

The facility includes a term loan tranche of $50 million and a reducing revolving credit facility tranche providing for a draw-down capacity of up to $50 million reducing from its third year onwards, according to a statement.

The company, which does not currently plan to fully utilize the reducing revolving credit facility tranche, said it will use the proceeds to refinance other facilities with $70.4 million outstanding and of shorter maturities related to the same six vessels.

Shares of Safe Bulkers added 2.7% during the recent trading activity on Wednesday.

Price: 4.20, Change: +0.11, Percent Change: +2.69