Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement
As previously announced, on November 6, 2018, holders of the USD 200 million in aggregate principal amount of 8.250% Senior Secured Bonds due in November 2022 (OSLO BØRS: EBS01 (Bonds)) (the “Bonds”) issued by Eagle Bulk Shipco LLC (the “Issuer”), a company existing under the laws of the Republic of the Marshall Islands and a wholly-owned subsidiary of Eagle Bulk Shipping Inc., approved amendments to the bond terms (the “Bond Terms”), dated as of November 22, 2017, by and between the Issuer and Nordic Trustee AS, a company existing under the laws of Norway, to allow for proceeds from the sale of certain vessels that secure the Bonds (the “Security Vessels”) to be used for the partial financing of exhaust gas cleaning systems (“Scrubbers”) to be retrofitted to its fleet of vessels.
On December 20, 2018, the Issuer entered into an amendment (the “Amendment”) to amend the Bond Terms that were approved by the holders on November 6, 2018. Specifically, the Amendment added a definition of “Scrubber” and amended the definition of “Reinvestment” in the Bond Terms to include, up to an aggregate of amount of $25 million, the financing of any costs and expenses related to the acquisition and installation of any Scrubber on any Security Vessel so long as certain conditions are met. Additionally, the definition of “Permitted Disposal” was amended to include a reference to the financing of any costs and expenses related to the acquisition and installation of any Scrubber on any Security Vessel.
The preceding summary of the Amendment is qualified in its entirety by reference to the full text of such amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Eagle Bulk Shipping Inc. Exhibit
EX-10.1 2 amendmentagreementeagleb….
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