Greece-based Diana Shipping, a dry bulk shipowner, has revealed a term loan facility with DNB bank for up to $100 million, and with Nordea bank for up to $22.5 million, in order to refinance existing loan facilities.
Now the company said it has concluded the drawdown of $100 million, secured by ten vessels.
The proceeds from the loan facility refinanced other loan facilities with an aggregate outstanding amount of approximately US$68.7 million. Namely, two existing loan facilities with ABN AMRO bank of approximately $31.4 million and of about $37.3 million related to the same ten vessels, with maturity dates in June 2024 and in May 2026.
The remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the loan agreement and/or general corporate purposes. The $100 million loan is subject to mutually agreed margin reset at the end of the fourth year, as the company reveals.
The New-York listed company also sealed a term loan facility deal on June 20 with Nordea Bank Abp, for up to $22.5 million with maturity date in June 2028.
It concluded on June 27 the drawdown of $22.5 million, secured by four vessels. The proceeds from the loan facility refinanced the existing loan facility with an outstanding amount of approximately $20.9 million, with Nordea Bank Abp, related to the same four vessels.
“The remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the loan agreement and/or general corporate purposes,” says the company.
Diana Shipping´s fleet currently consists of 4 newcastlemax, 10 capesize, 5 post-panamax, 6 kamsarmax, 7 panamax and 10 ultramax (including a partial interest through a joint venture arrangement in one Ultramax). The combined carrying capacity of the company’s fleet, is approximately 4.7 million dwt with a weighted average age of 10.19 years.