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Debt Financing

Western Bulk has the following interest-bearing debt obligations:

Bond Loan

Western Bulk has issued a NOK 300 million unsecured bond loan. The loan matures in full in April 2019. Western Bulk owns NOK 29 million of its outstanding bonds. The interest rate exposure inherent from the bond loan is currently unhedged, while the currency exposure inherent in the bond's principal amount has a downside protection in form of a currency option that kicks in if the NOK appreciates against the USD to an exchange rate level of 7.68 or lower. The bond is listed on Nordic ABM. Details are as follows:

ISIN:

NO0010675572

Outstanding amount (mill):

300

Ticker:

WBULK01 PRO

Face value:

1 000 000

Borrower/issuer:

Western Bulk Chartering AS

Security:

Unsecured

Maturity:

19.04.2013 - 19.04.2019

Call option:

Yes

Currency:

NOK

Put option:

No

Current interest rate %:

7,79

Trustee:

Norsk Tillitsmann

Reference rate:

3M NIBOR

Account Manager:

Nordea Bank Norge ASA

Margin %:

6.75

Bond Issue Manager:

Pareto Securities AS

For more information, go to Nordic ABM.

Bank Credit Facility

Western Bulk has a USD 6 million bank credit facility. The credit facility is secured with a pledge over the Group's account receivables and bank accounts.