China Eximbank provides $106.47 million loan to Star Bulk Carriers Corp. to refinance outstanding amounts under lease agreements for three ships

Project narrative

On September 23, 2019, the Export-Import Bank of China entered into a $106.47 million USD loan facility agreement with shipping company Star Bulk Carriers Corp., which was used by Star Bulk to refinance the outstanding amounts under then-existing lease agreements of three vessels (known as Katie K, Debbie H, and Star Ayesha). The loan facility was available in three tranches of $35.49 million USD each and were repayable in 40 equal quarterly installments of $0.7 million USD and a balloon payment of $5.915 million USD payable together with the last installment. The facility was secured by (i.e. collateralized against) first priority mortgages on the three aforementioned vessels. All tranches under the facility were fully drawn down as of November 2019.