- Eagle Bulk Shipping Inc (NYSE:EGLE) has entered into an amended and restated credit agreement providing an increased borrowing capacity of $175 million.
- The agreement will also provide margin reduction and an extension in maturity by two years.
- The senior secured amended credit facility totals $485 million, comprised of a $300 million term loan and a $185 million revolving credit facility.
- It bears an interest rate of Adjusted Term SOFR plus a margin of between 2.05% and 2.75%.
- The term loan will continue to amortize at a rate of $12.5 million per quarter, while starting in September, the availability under the revolving credit facility will reduce at a rate of $5.5 million per quarter.
- The Facility will mature on September 28, 2028.
- As of today, $260 million remains available under the Facility, $75 million under the term loan, and $185 million under the revolving credit facility.
- Price Action: EGLE shares are trading higher by 2.12% at $43.26 on the last check Wednesday.
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