Business
Ultrapetrol (Bahamas) Ltd Completes Sale of Seven Additional Barges; Receives Committed Term Sheet From DVB Bank SE; Comments On Q2 2013 EBITDA Guidance
(Reuters) – Ultrapetrol (Bahamas) Ltd announced the sale on May 15, 2013 of a further seven tank barges to a third party in Colombia who have exercised their option for these additional barges.
The barges are scheduled for delivery at the end of 2013. On May 15, 2013, the Company received a Committed Term Sheet from DVB Bank SE for an up to US$40 million, three-year reducing revolver facility. The commitment under this revolver decreases quarterly by US$1.25 million, or US$5 million per year. The facility shall bear interest at LIBOR plus 3 percent.
The Company expects to enter into this facility by the end of May 2013. The Company also announced that it currently estimate its Adjusted Consolidated EBITDA for the second quarter of 2013 to demonstrate similarly strong growth over the second quarter of 2012, when the Company recorded Adjusted Consolidated EBITDA of US$9.6 million.
According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of US$16.07 million for the second quarter of 2013.