ATHENS, Greece, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Icon Energy Corp. ("Icon" or the "Company") (NASDAQ:ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels, is pleased to announce the successful delivery of the Kamsarmax dry bulk carrier, M/V Bravo, and the signing of a term loan facility for up to $91.5 million.
Vessel Delivery
On September 23, 2024, Icon successfully took delivery of the M/V Bravo, the Kamsarmax dry bulk carrier it had agreed to acquire from an unaffiliated third-party, as previously announced on August 8, 2024.
Icon has secured a time charter for the M/V Bravo, whereby the vessel will be employed by an international commodity trading conglomerate for a period of 11 to 14 months, at a floating daily hire rate linked to the Baltic Panamax Index, which is expected to commence in the coming days, upon completion of the customary change of ownership logistics.
Financing Update
We signed a new term loan facility for up to $91.5 million with a leading international financial institution, pursuant to the financing term sheet announced on August 23, 2024.
On September 19, 2024, we borrowed an amount of $16.5 million under the term loan facility to finance a portion of the purchase price of the M/V Bravo and to leverage Icon's existing Panamax dry bulk carrier, the M/V Alfa. The term loan facility is secured by a first priority mortgage on the vessels, an assignment of earnings and insurances, and a pledge of the earnings accounts for the vessels, among other customary security, and contains financial and other covenants customary for transactions of this type. The term loan facility has ...
