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Star Bulk Carriers Corp., 8.30% Senior Notes due 11/15/2022
Ticker Symbol: SBLKZ* CUSIP: Y8162K303 Exchange: NGS
* NOTE: This security is no longer trading as of 7/30/2021
Security has been Called for: Friday, July 30, 2021
June 23, 2021 -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), announced that it has delivered a notice of redemption (the “Notice”) to U.S. Bank National Association, as Trustee, to redeem all its outstanding 8.30% Senior Unsecured Notes due 2022 (CUSIP No. Y8162K303) (the “Notes”).
The Notes will be redeemed on July 30, 2021 (the “Redemption Date”), at a redemption price equal to 100% of the $50,000,000 aggregate principal amount of the Notes plus accrued and unpaid interest. The funds used for the redemption will be from proceeds of refinancing existing senior secured facilities with outstanding amounts of approx. $350 million and average margin of 2.9% with new senior secured facilities of approx. $400 million and average margin of 2.1%.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Star Bulk Carriers Corp., 8.30% Senior Notes due 2022, issued in $25 denominations, redeemable at the issuer's option on or after 5/15/2019 at $25 per note plus accrued and unpaid interest, and maturing 11/15/2022. Interest distributions of 8.30% per annum ($2.075 per annum or $0.51875 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be 2/1, 5/1, 8/1 & 11/1 respectively (NOTE: the ex-dividend date is one business day prior to the record date). Prior to 5/15/2019, the Notes may be redeemed at the Company’s option at a price equal to the principal amount of the Notes to be redeemed plus a make-whole premium and accrued and unpaid interest If a tax event occurs the issuer may redeem the Notes in whole, but not in part, at any time at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest. Upon the occurrence of certain change of control events the holder will have the right to require the issuer to repurchase some or all of the Notes at 101% of the principal amount, plus accrued and unpaid interest (see prospectus for further information). Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (SBLK)
IPO - 11/2/2017 - 2.00 Million Notes @ $25.00 /note.
Link to IPO Prospectus
Market Value $49.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: 40, Agiou Konstantinou Str., Maroussi 15124 Athens, Greece |
| Main Phone Number |
011-30-210-617-8400 |
| Address and Phone Numbers |
| U.S. Representative |
N.A. |
| Address: |
| Main Phone Number |
Not Available |
| Fax Number |
Not Available |
| Investor Contact
Nicolas Bornozis - Capital Link, Inc.
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212-661-7566
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| CEO - Petros Pappas |
CFO - Christos Begleris |
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