Call it a tale of two loans. Struggling Eagle Bulk Shipping got a new lease of life last week when it announced a financial restructuring featuring a $60m second-lien piece of debt provided by existing holders and new investors.
The price was steep: 14% over the London interbank offered rate (Libor), or 15% overall. It is to be paid in kind over the life of the loan, with cash due only at maturity.
