Reuters: Global Markets: Eagle Bulk reaches agreement with lenders

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Eagle Bulk reaches agreement with lenders Jun 20th 2012, 22:15 Wed Jun 20, 2012 6:15pm EDT (Reuters) - Debt-laden drybulk shipper Eagle Bulk Shipping Inc (EGLE.O) reached an agreement with its lenders, sending its shares up as much as 11 percent in extended trade. The lenders, led by Royal Bank of Scotland Plc, have agreed to permanently waive any purported defaults, the company said In a statement. The $1.13 billion outstanding under the existing revolver will be converted to a term loan which matures in 2015, Eagle Bulk said. The facility, which had been extended thrice, was scheduled to expire June 20. The company said it would receive a new facility of $20 million as per the agreement. Eagle Bulk said the arrangement will replace existing financial covenants and substitute them with new covenants that phase-in over three years. The company's shares were up 11 percent at $3.31 in after-market trade. They closed at $2.98 on Wednesday on the Nasdaq. (Reporting by Ankur Banerjee and Aman Shah in Bangalore; Editing by Saumyadeb Chakrabarty)

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