Eagle Bulk Shipping (EGLE) +14.1% AH after reaching a debt restructuring deal. $1.13B in debt...

|About: Eagle Bulk Shipping Inc. (EGLE)|By:, SA News Editor

Eagle Bulk Shipping (EGLE) +14.1% AH after reaching a debt restructuring deal. $1.13B in debt outstanding through a revolving credit facility will be turned into a term loan due at the end of 2015, with a possible 18-month extension. Eagle will receive a new $20M credit facility, and all debt outstanding via its current credit agreement will carry an interest rate of LIBOR plus 6%. Creditors will receive warrants convertible into common stock equal to 20% of current outstanding shares. (PR)