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Eagle Bulk agrees funding deal

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World Coal,

Dry Bulk shipping company, Eagle Bulk, has said it has reached an agreement with company’s lenders and 75% of the company’s shareholders on a “comprehensive balance-sheet recapitalisation”.

The deal will provide the company with about US$105 million in incremental liquidity, including a new second lien facility comprised of US%60 million in new capital from existing shareholders.

“We are pleased to have reached this comprehensive agreement that strengthens Eagle Bulk’s capital structure,” said CEO, Gary Vogel. The combination of additional liquidity and the enhanced financial flexibility it provides greatly improves our ability to persevere through the current market.”

The deal also includes unspecified changes to Eagle Bulk’s organizational structure, which the company said would allow it to “opportunistically pursue growth opportunities in the dry bulk market.”

Headquartered in Stamford, Connecticut, Eagle Bulk owns a number of supramax dry bulk vessels and transports a range of major and mine dry bulk cargoes, including coal, grain, ore, petcoke, cement, steel and fertilizer.

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