The cash portion of the Songa consideration will be financed through proceeds
of a new five-year capital lease of $180 million with China Merchants Bank Leasing with a margin of 280 bps, thus offering approximately $35 million of additional liquidity for Star Bulk.
The cash portion of the Songa consideration will be financed through proceeds of a new five-
year capital lease of USD 180 million with China Merchants Bank Leasing with a margin of 280 bps, thus offering approximately USD 35 million of additional liquidity for Star Bulk.
As a result of the contemplated transactions, shareholders of Songa are expected to own approximately 14.9%
of the outstanding common shares of the Company and the pre-existing top 5 shareholders of the Company would own approximately 38.7%, 4.4%, 3.9%, 1.0% and 1.0% of the outstanding common shares of the Company, respectively.