Safe Bulkers, Inc., an international provider of marine drybulk transportation services, has accepted a signed offer letter from DNB (UK) Limited to amend its existing credit facility with an outstanding balance of US $145.5 million, extending the term of the facility by two years from September 2020 to September 2022 and delaying the balloon payment initially scheduled to be made in 2020 for 2022.
The credit facility of US $145.5 million is secured by the same ten vessels that the old facility financed and an additional newbuild expected to be delivered in March 2016. The credit facility contains the following financial covenants , in line with the existing loan and credit facilities of the Company.