Icon Energy announces delivery of M/V Bravo, signs term loan facility

Icon Energy announced the delivery of the Kamsarmax dry bulk carrier, M/V Bravo, and the signing of a term loan facility for up to $91.5 million. 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. 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 a four-year tenor, and outstanding amounts thereunder bear interest at 3.95% over SOFR. The balance amount of $75 million may be made available to us, in whole or in parts, to finance future vessel acquisitions.