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January 3, 2013
06:40 EDTSBLKStar Bulk announces agreements with all lenders to defer up to $24M of principa
Star Bulk Carriers announced that it has agreed in principle with all of its lenders to amend the terms of the current loan agreements subject to the execution of definitive documentation. In relation to the loan facilities with Commerzbank AG, the company has agreed to the deferral of payments of $16.7M representing 60% of the value of the installments payable in year 2013 and 50% of the value of the installments payable in 2014 and to a prepayment of the loan of $2M. The deferred amounts have been added to the loan's final installment, payable upon the expiration of the loan agreements in 4Q16. In relation to the loan facility with HSH Nordbank AG, the company has agreed to the deferral of a minimum of approximately $3.5M of the subsequent 8 consecutive quarterly installments and to the release of approximately $7.4M of pledged cash already held by HSH in order to be applied as prepayment to the loan facility. This prepayment, which is expected to take place in January 2013, will lower the company's annual interest expenses by approximately $240,000. Under certain conditions, the company may increase the deferral of certain principal repayments up to approximately $7M under the loan facility during 2013 and 2014. Finally, all lenders, including ABN AMRO Bank N.V. and Credit Agricole C.I.B., have agreed to waive or amend certain of the existing financial covenants. Said covenants include the reduction of minimum liquid funds per fleet vessel to $500,000 which will result to a $7M reclassification of restricted cash to free cash.
News For SBLK From The Last 14 Days
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October 13, 2014
11:12 EDTSBLKStar Bulk Carriers management to meet with Jefferies
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October 8, 2014
06:22 EDTSBLKStar Bulk Carriers coverage assumed with a Buy at Maxim
Target $17.
October 6, 2014
17:22 EDTSBLKStar Bulk Carriers collects $8.01M from sale of claim against PAN OCEAN
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