Star Bulk Announces Signing of $64.5 Million Loan Facility with HSH Nordbank
News Release
Star Bulk Carriers Corp.
October 11, 2011
ATHENS, GREECE, October 10, 2011- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that it has entered into a new $64.5 million secured term loan agreement with HSH Nordbank, which has up to a five year term and bears interest at LIBOR plus a margin. The borrowings under this new loan agreement together with $5.3 million in cash were used to repay in full the Company's two existing loan facilities with Piraeus Bank as agent and lender, respectively.
Spyros Capralos, President and CEO of Star Bulk, commented: "We are pleased to be restructuring part of our debt at favorable terms. Since our new loan was used to repay two of our existing loans, our total outstanding debt will not materially change. Through this refinancing, we have managed to extend our principal repayment schedule while reducing our interest costs. We are delighted of the commitment and support of our lenders in these turbulent times. Such moves, allow Star Bulk to take further advantage of opportunities that will arise."
Spyros Capralos, President and CEO of Star Bulk, commented: "We are pleased to be restructuring part of our debt at favorable terms. Since our new loan was used to repay two of our existing loans, our total outstanding debt will not materially change. Through this refinancing, we have managed to extend our principal repayment schedule while reducing our interest costs. We are delighted of the commitment and support of our lenders in these turbulent times. Such moves, allow Star Bulk to take further advantage of opportunities that will arise."