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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2013
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 23 - SUBSEQUENT EVENTS On July 2, 2013, Baltic Trading entered into agreements to purchase a 2010 built, 31,883 dwt Handysize drybulk vessel and a 2009 built, 31,887 dwt Handysize drybulk vessel from subsidiaries of Clipper Group for an aggregate purchase price of $41,000. The purchases are subject to completion of customary additional documentation and closing conditions. The vessels are expected to be delivered to Baltic Trading by the end of the third quarter of 2013. Baltic Trading intends to fund a portion of the purchase price of the vessels using proceeds from its registered follow-on common stock offering completed on May 28, 2013. For the remainder of the purchase price, Baltic Trading has obtained a commitment for approximately $20,000 of commercial bank financing from a global lending institution, which is subject to definitive loan documentation. Under the terms of the commitment, the credit facility is to be repaid in 24 quarterly repayment installments of approximately $375 each, the first of which is payable three months after the latest vessel delivery date, and a balloon payment of approximately $13,000 payable concurrently with the last repayment installment. Interest on borrowings will be payable at the three-month LIBOR rate plus a margin of 3.35%. On July 30, 2013, Baltic Trading declared a dividend of $0.01 per share to be paid on or about August 22, 2013 to shareholders of record as of August 15, 2013. The aggregate amount of the dividend is expected to be approximately $296, of which approximately $238 will be paid to minority shareholders, which Baltic Trading anticipates will be funded from cash on hand at the time payment is to be made.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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