0001628280-20-004222.txt : 20200327 0001628280-20-004222.hdr.sgml : 20200327 20200327160242 ACCESSION NUMBER: 0001628280-20-004222 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200327 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200327 DATE AS OF CHANGE: 20200327 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Eagle Bulk Shipping Inc. CENTRAL INDEX KEY: 0001322439 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 980450435 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33831 FILM NUMBER: 20751745 BUSINESS ADDRESS: STREET 1: 300 FIRST STAMFORD PLACE STREET 2: 5TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 BUSINESS PHONE: 203-276-8100 MAIL ADDRESS: STREET 1: 300 FIRST STAMFORD PLACE STREET 2: 5TH FLOOR CITY: STAMFORD STATE: CT ZIP: 06902 8-K 1 egle-20200327.htm 8-K egle-20200327
0001322439FALSE00013224392020-03-272020-03-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 27, 2020
Eagle Bulk Shipping Inc.
(Exact name of registrant as specified in its charter)

Republic of the Marshall Islands
001-33831
98-0453513
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS employer identification no.)
300 First Stamford Place, 5th Floor
Stamford, CT 06902
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code):(203) 276-8100
(Former Name or Former Address, if Changed Since Last Report): None
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareEGLEThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 7.01. Regulation FD Disclosure.

As previously reported, on November 28, 2017, Eagle Bulk Shipco LLC (“Shipco”), a wholly-owned subsidiary of Eagle Bulk Shipping, Inc., a Republic of the Marshall Islands corporation (the “Company”), issued $200,000,000 in aggregate principal amount of 8.250% Senior Secured Bonds 2017/2022, pursuant to those certain Bond Terms (the “Bond Terms”), dated as of November 22, 2017, by and between Shipco, as issuer, and Nordic Trustee AS, a company existing under the laws of Norway (the “Bond Trustee”). Under the Bond Terms, Shipco is required to prepare and make available on the Company’s website unaudited consolidated and unconsolidated quarterly financial statements. The unaudited consolidated and unconsolidated quarterly financial statements of Shipco, as of and for the three months ended December 31, 2019, are attached to this Form 8-K as Exhibit 99.1.
The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.





  
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
EAGLE BULK SHIPPING INC.
(registrant)
Dated: March 27, 2020By:/s/ Frank De Costanzo
Name:
Frank De Costanzo
Title:
Chief Financial Officer
 
 
 

EX-99.1 2 shipcoq419.htm EX-99.1 Document

Exhibit 99.1
 
 EAGLE BULK SHIPCO LLC
 
Eagle Bulk Shipco LLC (“Shipco” or “Issuer”), a wholly-owned subsidiary of Eagle Bulk Shipping Inc. (the “Parent Company”) is providing the unaudited condensed consolidated and unconsolidated financial information of Shipco for the three months ended December 31, 2019 and 2018 as required by those certain bond terms, dated as of November 22, 2017 (the "Bond Terms"), by and between Shipco, as issuer, and Nordic Trustee AS, a company existing under the laws of Norway, pursuant to which on November 28, 2017, Shipco issued $200.0 million in aggregate principal amount of 8.250% Senior Secured Bonds 2017/2022 (the “Norwegian Bond Debt”).

While the accompanying unaudited condensed consolidated and unconsolidated financial information are derived from the Parent Company’s audited consolidated financial statements, which were prepared in accordance with accounting principles generally accepted in the United States and included in the Parent Company's Annual Report on Form 10-K for the fiscal years ended December 31, 2019 and 2018 (the “Parent Company 10-K”), they have neither been reviewed nor audited by the Parent Company’s independent auditor. In accordance with the Bond Terms, Shipco’s audited unconsolidated and consolidated annual financial statements are required to be provided no later than 120 days after the end of the fiscal year end, or April 29, 2020. The unaudited financial information contained herein should be read in conjunction with the Parent Company’s audited consolidated financial statements and notes thereto included in the Parent Company 10-K, which was filed with the U.S. Securities and Exchange Commission on March 12, 2020.







EAGLE BULK SHIPCO LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
 December 31, 2019December 31, 2018
Revenues, net$28,595,909  $38,880,520  
Voyage expenses8,021,517  10,268,187  
Vessel expenses11,195,973  11,742,012  
Depreciation and amortization5,351,315  5,242,408  
General and administrative expenses1
3,904,588  3,917,737  
Loss on sale of vessels65,240  104,496  
Total operating expenses28,538,633  31,274,840  
Operating income57,276  7,605,680  
Interest expense4,200,204  4,358,625  
Interest income(128,298) (113,463) 
Other income, net(667,056) (92,402) 
Total other expenses, net3,404,850  4,152,760  
Net (loss)/income$(3,347,574) $3,452,920  

1General and administrative expenses for the three months ended December 31, 2019 includes $1.7 million of management fees and $1.6 million of general and administrative costs which represent Shipco's share of the Parent Company's general and administrative costs, as per the existing management fee agreements. General and administrative expenses for the three months ended December 31, 2018 includes $1.8 million of management fees and $2.1 million of general and administrative costs which represent Shipco's share of the Parent Company's general and administrative costs, as per the existing management fee agreements.

























             2


EAGLE BULK SHIPCO LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 December 31, 2019December 31, 2018
ASSETS: 
Current assets: 
Cash and cash equivalents$6,444,499  $19,273,740  
Restricted cash - current5,471,469  —  
Accounts receivable9,272,791  9,145,026  
Accounts receivable - related party—  2,620,894  
Prepaid expenses1,162,069  1,342,765  
Inventories7,431,172  8,411,747  
Vessels held for sale—  8,458,444  
Other current assets231,040  421,944  
Total current assets30,013,040  49,674,560  
Noncurrent assets: 
Vessels and vessel improvements, at cost, net of accumulated depreciation of $91,003,680 and $80,546,984, respectively 342,986,124  330,215,290  
Restricted cash - noncurrent—  10,878,968  
Deferred Drydocking costs, net9,975,466  6,386,377  
Deferred financing costs - Super Senior Revolver Facility166,111  285,342  
Advances for scrubbers and ballast water systems and other assets8,032,399  8,545,916  
Total noncurrent assets361,160,100  356,311,893  
Total assets$391,173,140  $405,986,453  
LIABILITIES & STOCKHOLDER'S EQUITY 
Current liabilities: 
Accounts payable$4,514,574  $6,521,222  
Accrued interest1,415,333  1,489,917  
Other accrued liabilities9,389,183  3,687,075  
Unearned charter hire revenue1,917,822  1,871,261  
Current portion of long-term debt - Norwegian Bond Debt8,000,000  8,000,000  
Total current liabilities25,236,912  21,569,475  
Noncurrent liabilities: 
Norwegian Bond Debt, net of debt discount and debt issuance costs175,867,310  182,469,155  
Total noncurrent liabilities175,867,310  182,469,155  
Total liabilities201,104,222  204,038,630  
Stockholder's equity: 
Total Stockholder's equity190,068,918  201,947,823  
Total liabilities and Stockholder's equity$391,173,140  $405,986,453  












             3



EAGLE BULK SHIPCO LLC (ISSUER ONLY)

UNCONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
(Unaudited)
For the Three Months Ended
 December 31, 2019December 31, 2018
Interest expense4,200,204  4,358,625  
Interest income(128,298) (113,463) 
Other income, net(667,056) (92,402) 
Total other expenses, net3,404,850  4,152,760  
Equity in net income of subsidiaries *57,276  7,605,680  
Net (loss)/income and comprehensive (loss)/income$(3,347,574) $3,452,920  


           * Eliminated in the consolidated financial statements of the Issuer.







































             4



EAGLE BULK SHIPCO LLC (ISSUER ONLY)

UNCONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)

 December 31, 2019December 31, 2018
ASSETS: 
Current assets: 
Cash and cash equivalents$6,359,929  $19,263,334  
Restricted cash - current5,471,469  —  
Accounts receivable - related party—  2,620,894  
Prepaid expenses60,469  42,509  
Total current assets11,891,867  21,926,737  
Noncurrent assets: 
Restricted cash - noncurrent—  10,878,968  
Investment in subsidiaries363,910,445  360,940,259  
Deferred financing costs - Super Senior Revolver Facility166,111  285,342  
Total noncurrent assets364,076,556  372,104,569  
Total assets$375,968,423  $394,031,306  
LIABILITIES & STOCKHOLDER'S EQUITY 
Current liabilities: 
Accounts Payable505,156  —  
Accrued interest1,415,333  1,489,917  
Other accrued liabilities111,706  124,411  
Current portion of long-term debt - Norwegian Bond Debt8,000,000  8,000,000  
Total current liabilities10,032,195  9,614,328  
Noncurrent liabilities: 
Norwegian Bond Debt, net of debt discount and debt issuance costs175,867,310  182,469,155  
Total noncurrent liabilities175,867,310  182,469,155  
Total liabilities185,899,505  192,083,483  
Stockholder's equity: 
Total Stockholder's equity190,068,918  201,947,823  
Total liabilities and Stockholder's equity$375,968,423  $394,031,306  





















             5



Basis of presentation
        
Shipco is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. Shipco's fleet is comprised of Supramax and Ultramax bulk carriers and Shipco operates its business in one business segment. The operations of the vessels are managed by Eagle Bulk Management LLC, a wholly-owned subsidiary of the Parent Company. As of December 31, 2019, the Company owned and operated a modern fleet of 24 oceangoing vessels.

        On November 28, 2017, Shipco issued into escrow $200,000,000 in aggregate principal amount of 8.250% Senior Secured Bonds 2017/2022 (the "Norwegian Bond Debt"), pursuant to the Bond Terms, dated as of November 22, 2017, by and between the Issuer and Nordic Trustee AS, as the Bond Trustee. After giving effect to an original issue discount of approximately 1% and deducting offering expenses of $3.1 million, the net proceeds from the issuance of the Norwegian Bond Debt were approximately $195.0 million.

        Shipco entered into a commercial and technical management agreement on December 8, 2017 with Eagle Bulk Management LLC, a wholly-owned subsidiary of the Parent Company, for performance of technical and commercial services to vessels owned by Shipco at a fee of $150,000 per vessel per annum for commercial management services and $135,000 per vessel per annum for technical management services. Shipco also entered into an overhead sharing agreement which provides for an additional fee allocation of cash general and administrative expenses of Eagle Bulk Management LLC, based on relative ownership days of Shipco and its subsidiaries to the total consolidated ownership days of the Parent Company and all of its subsidiaries. The condensed statement of operations for the quarter ended December 31, 2019 consisted of $1.7 million of management fees and $1.6 million of allocated general and administrative expenses. Accounts payable in the condensed consolidated balance sheets at December 31, 2019 and 2018 include $0.5 million and $0.2 million, respectively, of management fees owed to Eagle Bulk Management LLC, a wholly-owned subsidiary of the Parent Company as per the existing management fee agreements.
        

        

        









           










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Cover
Mar. 27, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 27, 2020
Entity Registrant Name Eagle Bulk Shipping Inc.
Entity Incorporation, State or Country Code 1T
Entity File Number 001-33831
Entity Tax Identification Number 98-0453513
Entity Address, Address Line One 300 First Stamford Place
Entity Address, Address Line Two 5th Floor
Entity Address, City or Town Stamford
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06902
City Area Code 203
Local Phone Number 276-8100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001322439
Amendment Flag false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol EGLE
Security Exchange Name NASDAQ
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