Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 155

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 155
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ge

over

the

shares

of

the

borrowers,

manager’s

undertaking

and

subordination and requisition compensation and either a corporate guarantee by Diana Shipping Inc. (the

“ Guarantor”) or a

guarantee by

the ship owning

companies (where applicable),

financial covenants,

as well

as operating

account assignments.

The lenders

may

also require

additional security

in the

future in

the

event

the

borrowers

breach

certain

covenants

under

the

loan

agreements.

The

secured

term

loans

generally

include

restrictions

as

to

changes

in

management

and

ownership

of

the

vessels,

additional

indebtedness, as

well as

minimum requirements

regarding hull

cover ratio

and minimum

liquidity per

vessel

owned

by

the

borrowers,

or

the

Guarantor,

maintained

in

the

bank

accounts

of

the

borrowers,

or

the

Guarantor.

Furthermore, the secured

term loans contain

cross default provisions and

additionally we are

not permitted to pay any dividends following the occurrence of an event of default. All of our secured term

loans bear interest in Term SOFR plus a margin.

As of December 31, 2023 and

2024, and the date of this

annual report, we were in compliance with

all of

our loan covenants.

Senior Unsecured Bond:

On June 22, 2021,

we issued a $125

million senior unsecured bond maturing

in June 2026. On

June 29,

2023, we repurchased $5.9 million nominal

value of the bond and recognized

a loss of $0.2 million and on

July 2,

2024 we

prepaid the

outstanding balance at

a price

equal to

103.35% of

nominal value,

with the

proceeds from a new

bond and recognized

a loss of $3.5

million. On July 2,

2024, we issued

the new bond

amounting to

$150 million

nominal value,

issued at

par value,

and on

November 8,

2024, we

issued an

80

additional amount of

$25 million