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Monaco - October 20, 2014 Scorpio Bulkers, Inc. (NYSE: SALT) (the "Company") announced today that it has received commitments from a group of financial institutions for a loan facility of up to $411.264 million (the "Facility"). The Facility was arranged by DNB Markets, Inc and contains commitments from financial institutions including DNB Capital, LLC, the Export-Import Bank of Korea ("KEXIM") and Korea Trade Insurance Corporation ("KSURE") as well as Korean and international pension funds and financial institutions. The Facility shall mature six years from the delivery of the final vessel securing the Facility, however not later than June 2022, and in certain circumstances the Facility shall mature 12 years after the delivery of each financed vessel. The Facility is available to finance up to 60% of the contract price of the Company's 12 Capesize bulk carriers under construction at Sungdong Shipbuilding & Marine Engineering Co., Ltd, South Korea. The terms and conditions of the Facility, including covenants, are similar to those in the Company's existing credit facilities and customary for financings of this type, and the commitments from KEXIM and KSURE are in accordance with OECD Guidelines. The Facility is subject to customary conditions precedent and the execution of definitive documentation. Emanuele Lauro, Chairman and CEO, commented, "We are delighted by the support we have received from our financial partners, particularly from leading financial institutions and pension funds in South Korea. We now have five closed or committed loan facilities amounting to up to $1.388 billion, financing 64 vessels in our 80 vessel fleet. We have also received proposals for loan facilities for our remaining 16 unfinanced vessels and expect that we will announce commitments in respect of these vessels within the fourth quarter of 2014." Scorpio Bulkers Inc. press release |
