China Eximbank provides $106.47 million loan to Star Bulk Carriers Corp. to refinance outstanding amounts under lease agreements for three ships
Commitment amount
$ 119625924.26754998
Adjusted commitment amount
$ 119625924.27
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Marshall Islands
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
1. Project_status field has been set to Completion because all Chinese financing was disbursed.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Star Bulk Carriers Corp. [Private Sector]
Collateral
The facility was secured by first priority mortgages on the Katie K, Debbie H and Star Ayesha vessels.