Benzinga | Oct 1, 2021 04:07PM EDT

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

* Safe Bulkers Inc (NYSE: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.