In a statement the New York-quoted operator said the $148m senior secured credit facility is backed by Nordea Bank Finland and Skandinaviska Enskilda Banken.

Baltic noted the five-year package includes a $115m revolving credit facility and a term loan to the tune of $33m.

The owner claims the revolver will be used to refinance an existing facility that was scheduled to mature in 2016.

Baltic intends to apply proceeds from the loan towards a pair of bulkers that are due for delivery in the second and third quarters of this year.

“The five-year $148m senior secured credit facility will bear interest at LIBOR plus a margin of 3.00\%,” the operator added.

Baltic Trading, which is an affiliate of Genco Shipping & Trading, is based in Manhattan where it oversees a fleet of 15 bulkers.

Upon delivery of its newbuildings the tally will stand at 17 ships with a combined carrying capacity of roughly 1,351,000 dwt.

source:www.tradewindsnews.com