NEW YORK, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot charter market, announced today that it has executed a credit agreement and other definitive documentation to amend and restate its senior secured revolving credit facility. The Company had previously disclosed the bank commitment for this amendment and restatement in its earnings press release dated November 3, 2010.
Under the terms of the amended credit facility, underwritten by Nordea Bank Finland plc and Skandinaviska Enskilda Banken AB, the commitment amount increased to $150 million from $100 million and amounts borrowed bear interest at LIBOR plus a margin of 3.00% as compared to 3.25% under the original credit facility. The term of the facility has been extended to six years from the approximately 3.5 years that were remaining under the original facility and the repayment structure has been modified to provide for eleven semi-annual commitment reductions of $5.0 million each with a balloon payment at the end of the facility. Borrowings of up to $25 million continue to be available for working capital purposes.
About Baltic Trading Limited
Baltic Trading Limited is a drybulk company focused on the spot charter market. The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along global shipping routes. Baltic Trading's current fleet consists of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 672,000 dwt.
SOURCE Baltic Trading Limited