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Monaco - November 19, 2015 Scorpio Bulkers, Inc. (NYSE: SALT) (the "Company") announced today that it has received a commitment from a major European financial institution for a loan facility of up to $12.5 million (the "Facility"). Including the Facility, the Company has now either signed credit facility agreements or received commitments for all 60 vessels in its fleet. The proceeds of the Facility will finance a portion of the purchase price of one Ultramax vessel that was delivered to the Company in Q4 2015 from Imabari Shipbuilding Co. Ltd. The Facility has a final maturity of five years from the date of signing. The terms and conditions of the Facility, including covenants, are similar to those in the Company's existing credit facilities and customary for facilities of this type. The closing of the Facility is subject to customary conditions precedent, including the execution of definitive documentation. About Scorpio Bulkers Inc. Scorpio Bulkers Inc. is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers Inc. currently owns 30 vessels, consisting of five Capesize, 10 Kamsarmax vessels and 15 Ultramax vessels with an average age of 0.4 years. The Company also time charters-in ten dry bulk vessels (consisting of one Handymax, one Ultramax, three Supramax, one Panamax, two Kamsarmax and two Post-Panamax vessels) and has contracted for 30 dry bulk vessels consisting of six Capesize vessels, 11 Kamsarmax and 13 Ultramax), from shipyards in Japan, South Korea and China. Upon final delivery of all of the vessels the owned fleet is expected to have a total carrying capacity of approximately 5.4 million deadweight tonnes. Additional information about the Company is available on the Company's website www.scorpiobulkers.com, which is not a part of this press release. Scorpio Bulkers Inc. press release |
