Star Bulk Announces Notice to Redeem All Outstanding 8.3% Senior Unsecured Notes Due 2022
Star Bulk Carriers Corp. (Nasdaq: SBLK) announced it will redeem all of its outstanding 8.30% Senior Unsecured Notes due 2022, totaling $50 million, on July 30, 2021. The redemption will be funded by proceeds from refinancing existing senior secured facilities amounting to approximately $400 million at a reduced average margin of 2.1%, compared to 2.9% for previous facilities. This move is part of Star Bulk's broader strategy to optimize its capital structure and reduce financing costs.
- Reduction of average margin on new secured facilities from 2.9% to 2.1%.
- Strategic move to optimize capital structure through refinancing.
- None.
ATHENS, Greece, June 23, 2021 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), announced that it has delivered a notice of redemption (the “Notice”) to U.S. Bank National Association, as Trustee, to redeem all its outstanding
The Notes will be redeemed on July 30, 2021 (the “Redemption Date”), at a redemption price equal to
A notice of redemption is being distributed to all registered holders of the Notes by U.S. Bank National Association.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Oslo, New York, Limassol and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. Star Bulk operates a fleet of 128 vessels, with an aggregate capacity of 14.1 million dwt, consisting of 17 Newcastlemax, 22 Capesize, 2 Mini Capesize, 7 Post Panamax, 41 Kamsarmax, 2 Panamax, 20 Ultramax and 17 Supramax vessels with carrying capacities between 52,425 dwt and 209,537 dwt.
Forward-Looking Statements
Matters discussed in this press release may constitute forward looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company’s management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values; the strength of world economies; the stability of Europe and the Euro; fluctuations in interest rates and foreign exchange rates; changes in demand in the dry bulk shipping industry, including the market for our vessels; changes in our operating expenses, including bunker prices, dry docking and insurance costs; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; the availability of financing and refinancing; our ability to meet requirements for additional capital and financing to complete our newbuilding program and grow our business; the impact of the level of our indebtedness and the restrictions in our debt agreements; vessel breakdowns and instances of off‐hire; risks associated with vessel construction; potential exposure or loss from investment in derivative instruments; potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management and our ability to complete acquisition transactions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward‐looking statements as a result of developments occurring after the date of this communication.
| Contacts | ||
| Company: | President | |
| Simos Spyrou, Christos Begleris | Capital Link, Inc. | |
| Co ‐ Chief Financial Officers | 230 Park Avenue, Suite 1536 | |
| Star Bulk Carriers Corp. | New York, NY 10169 | |
| c/o Star Bulk Management Inc. | Tel. (212) 661‐7566 | |
| 40 Ag. Konstantinou Av. | E‐mail: starbulk@capitallink.com | |
| Maroussi 15124 | www.capitallink.com | |
| Athens, Greece | ||
| Email: info@starbulk.com | ||
| www.starbulk.com | ||
| Investor Relations / Financial Media: | ||
| Nicolas Bornozis | ||
FAQ
What is the redemption date for Star Bulk Carriers' Senior Unsecured Notes?
How much is Star Bulk redeeming in Senior Unsecured Notes?
What financing strategy is Star Bulk implementing?
What is the new average margin for Star Bulk's secured facilities?
What company announced the redemption of its outstanding notes?
