A term loan agreement for up to $100 million with a maturity date of December 2029 has been signed by the Semiramis Paliou-led Diana Shipping and DNB Bank.
According to Diana Shipping, 11 vessels were used to achieve the $100 million drawdown. Several loan facilities with a combined outstanding balance of roughly $68.7 million were refinanced using the lending facility's revenues.
Specifically, two ongoing credit facilities with ABN AMRO Bank with maturities in June 2024 and May 2026, respectively, totaling about $31.4 million and $37.3 million. These facilities are tied to the same 10 boats.
The rest of the proceeds can be used to cover transaction costs and costs associated with the loan and/or corporate purposes. The margin reset on the new $100 million loan takes place at the end of year 4.
The business also entered into a term loan agreement with Nordea Bank Abp earlier this month for up to $22.5 million with a June 2028 maturity date. The full amount has already been drawn down and was guaranteed by four boats.
The loan facility's funds were used to refinance an earlier loan facility with Nordea Bank Abp for the same four vessels that had an outstanding balance of about $20.9 million.
The fleet of boats owned by Diana Shipping currently comprises of 42 dry bulk ships with a weighted average age of 10.19 years and a combined carrying capacity of over 4.7 million deadweight tons.
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