Star Bulk Shifts Lenders

Last week, Star Bulk Carriers Corp. announced the re-financing of its two existing loan facilities with Piraeus Bank utilizing the proceeds of a new $64.5 million secured term loan from HSH Nordbank and $5.3 million in cash. The loan has a five year term and bears interest at LIBOR plus a spread. Although little changes in the amount of outstanding debt, the terms of the new loan extend the average life while reducing interest costs. We also suspect that the Greek banks are not having an easy time of it, as well, making the change even more sensible.

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