Marine transportation company Scorpio Bulkers received a commitment from a European financial institution for a loan facility of up to $38.7 million. The loan facility will be used to finance up to 60% of the market value of the three Ultramax dry bulk vessels the company recently agreed to acquire.

The loan facility will have a final maturity of five years from the signing date and bears interest at LIBOR plus a margin of 2.85% per annum. The terms and conditions will be similar to those set forth in the company’s existing credit facilities.

Scorpio Bulkers also agreed to modify a previously announced contract with an unaffiliated third party to acquire a 2015 Chinese built Ultramax dry bulk vessel. The company will now include in the total consideration 910,802 common shares of the company.

Scorpio Bulkers is a provider of marine transportation of dry bulk commodities. Scorpio Bulkers, after the completion of its recent acquisitions of nine Ultramax vessels, will own or finance lease 55 vessels, consisting of 18 Kamsarmax vessels and 37 Ultramax vessels.