Globus Maritime Limited Enters into a US$120 Million Revolving Credit Facility with Credit Suisse

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Nov 2007

Globus Maritime Limited, a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels, announced today that it has entered into a new revolving loan facility of up to US$120 million with Credit Suisse, which is to be repaid semi-annually over eight years. George Karageorgiou, C.E.O. of Globus, said: "We are very pleased that Credit Suisse has provided us with this highly attractive revolving loan facility of up to US$120 million, which provides us with the capital and financial flexibility to grow our company. The favourable terms of the loan facility reflect the credit worthiness of the charterers that charter our vessels, as well as the excellent relationships that we enjoy with our banks. From this new facility, US$15 million will be used to refinance the existing short-term bridge loan, and up to US$100 million will be used to pay for the two dry bulk vessels which will be delivered to us next month, namely the newbuilding Handymax vessel to be named M/V "River Globe" and the 1998-built geared Panamax vessel to be named M/V "Tiara Globe."" Elias Deftereos, C.F.O. of Globus, added: "On completion of these two acquisitions, Globus’ fleet will comprise a total of eight modern dry bulkcarriers, consisting of six Handymaxes and two Panamaxes, with a weighted average age of approximately 10.7 years as at December 31, 2007 and with a total carrying capacity of 415,558 dwt. These acquisitions will further our aim of continuing to offer investors above-average returns while keeping our bank debt at prudent levels."