Key Developments For Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. (EGLE.O) (Nasdaq)
Eagle Bulk Shipping Inc. Announces Amendment Of Revolving Credit Facility; Suspends Dividends
Eagle Bulk Shipping Inc. announced its agreement with its lenders amends its $1.6 billion revolving credit facility to $1.35 billion while favorably adjusting certain loan covenants. The requirement for the Company to maintain a minimum security value of its fleet, which is now an aggregate of the market value of the vessels in its operating fleet and the deposits on its newbuilding contracts that secure its obligations under the revolving credit facility, has been reduced from 130% to 100% of the aggregate principal amount of debt outstanding under the facility. Future dividend payments will be based on the Company maintaining a minimum security value of 130%. The minimum net worth requirement has been reduced from $300 million to $75 million for next year and is subject to annual review thereafter. The amended facility will bear interest at the rate of 1.75% over LIBOR. The amended facility will be available in full until July 2012, following which it will reduce pro rata to a balloon of $717.2 million at maturity in July 2017. The Company also announced that its Board of Directors has decided to suspend the Company's dividend.
Eagle Bulk Shipping Inc. Declares Dividend
Eagle Bulk Shipping Inc. announced that it has declared a cash dividend of $0.50 per share payable on or about November 26, 2008, to shareholders of record as of November 20, 2008.
Eagle Bulk Shipping Inc. Declares Dividend
Eagle Bulk Shipping Inc. announced that its Board of Directors has declared a cash dividend of $0.50 per share payable on or about August 26, 2008, to shareholders of record as of August 20, 2008, bringing aggregate dividends paid to $6.10.
Eagle Bulk Shipping Inc. Announces Vessel Acquisitions
Eagle Bulk Shipping Inc. announced that it has acquired two Supramax vessels for a total price of approximately $146 million. The vessels acquired are; The Goldeneye, a 2002 built 52,421 dwt Supramax expected to deliver in June 2008, and The Redwing, a 2007, built 53,000 dwt Supramax expected to deliver in September 2008.
Eagle Bulk Shipping Inc. Announces Charter Contract
Eagle Bulk Shipping Inc. announced that it has secured a one year time charter contract for the M/V Kittiwake, a 2002 built 53,146 dwt Supramax dry bulk vessel, at a daily rate of $56,250. The new charter will commence at the expiration of the current time charter of $30,400 per day in August 2008.
