Scorpio Bulkers Inc. announced yesterday that the Company has reached agreements with certain lenders to increase certain existing credit facilities by a total of $41 million to finance the installation of exhaust gas cleaning systems (“scrubbers”) on certain of its vessels.
The additional amounts will be drawn upon the installation of the scrubbers on the respective vessels, and are structured as upsizings of existing credit facilities, and have loan margins matching the loan margins on the respective existing credit facilities.
These financing arrangements will be subject to conditions precedent and the execution of definitive documentation.