Document:

d986748_ex4-11.htm

     

    EXHIBIT 4.11

     

    

       

       

      

      
        		
              	
                HSH
      NORDBANK

              

      

      

       

      To: Star
Bulk Carriers Corp.

      7
Frangoklisias Street

      Marousi
151 25

       

      Attn:
Messrs A. Tsirigakis and G. Syllantavos

       

      10 March
2009

       

      Dear
Sirs,

       

       

      We are
pleased to provide you with our approval of the amendments to the Amended and
Restated Loan Agreement dated 18/9/2008 (the "Loan Agreement") relating to
Syndicated Term Loan Facility of an amount up to US$ 150,000,000 (originally up to
US$170,000,000), (the "Facility"). Save to the extent of amendments required to
give efficacy to this letter, all other terms of the Loan Agreement remain
Intact. If these amendments are acceptable to you, kindly revert to us by March
17, 2009 so that we may proceed with the preparation of the relevant
documentation.

       

      
        	
                BORROWER:

              	
                Star
      Bulk Carriers Corp. a NASDAQ listed company registered under the laws of
      the Marshall Islands.

                 

              
	
                CORPORATE
      GUARANTORS:

              	
                Star
      Beta LLC, Star Omicron LLC and Lamda LLC, all 3 being single-purpose
      ship-owning companies and 100% subsidiaries of the Borrower and Star Delta
      LLC, Star Gamma LLC, Star Epsilon LLC, Star Theta LLC and Star Zeta LLC
      all 5 being single- purpose ship-owning companies and 100% subsidiaries of
      the Borrower.

                 

              
	
                VESSELS:

              	
                M/V
      Star Beta, a 1993 built, 174,700 dwt bulk carrier vessel ("Star
      Beta")

                M/V
      Star Omicron, a 2005 built, 53,500 dwt geared bulk carrier vessel ("Star
      Beta")

                M/V
      Sinfonla (tbr. Star Sigma), a 1991 built, 184,400 dwt bulk carrier vessel
      ("Star Sigma")

                 

              
	
                COLLATERAL
      VESSELS:

              	
                M/V
      Star Gama 53,100 dwt, built 2002

                M/V
      Star Delta 52,400 dwt, built 2000

                M/V
      Star Epsilon 52,400 dwt, built 2001

                M/V
      Star Zeta 52,994 dwt, built 2003

                M/V Star Theta 52,400
      dwt built 2003

                 

              
	
                ADDITIONAL
      VESSELS:

              	
                M/V
      Star Kappa a 2001 built 52,050 dwt dry bulk carrier vessel ("Star
      Kappa")

                M/V
      Star Ypsilon a 1991 built, 150,940 dwt dry bulk carrier vessel ("Star
      Ypsilon").

                 

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            
               

            

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          ADDITIONAL
      CORPORATE GUARANTORS:

                                                        	
                                                          A
      single-purpose ship owning company 100% owner of Star Kappa, being 100%
      subsidiary of the Borrower and 

                                                           

                                                        
	
                                                          LENDERS:

                                                        	
                                                          Piraeus
      Bank A.E and HSH Nordbank AG

                                                           

                                                        
	
                                                          FACILITY
      AGENT:

                                                        	
                                                          Piraeus
      Bank A.E.

                                                           

                                                        
	
                                                          SWAP
      BANKS:

                                                        	
                                                          Piraeus
      Bank A.E and HSH Nordbank AG

                                                           

                                                        
	FACILITY:	
                                                          Syndicated
      First Priority Mortgage Term Loan Facility.

                                                           

                                                        
	FACILITY
      AMOUNT:	
                                                          Current
      Principal outstanding US$ 143,000,000 (One hundred forty three million
      United States dollars).

                                                           

                                                        
	
                                                          RESTRUCTURING
      FEE:

                                                        	
                                                          US$
      50,000 to be split equally between the Lenders.

                                                           

                                                        
	APPLICABLE
      MARGIN:	
                                                          2%
      per annum applicable from 1/1/2009 until 31/12/2010 or until presentation
      of Compliance Certificate for the year ending 31/12/2010, whichever the
      latest. For the remaining tenor until the Margin Review Date of the
      Facility, 1.5% per annum. The Margin will be applied over LIBOR or the
      Lenders' alternative rate for the duration the LIBOR does not represent
      the Lender's cost of funding.

                                                           

                                                        
	ADDITIONAL
      SECURITY:	
                                                          Additional
      security of this Facility, to be made available to the Lender, shall
      Include inter alia:  

                                                           

                                                        
	 
      	
                                                          ·

                                                        	
                                                          First
      Priority Mortgage on the Additional Vessels;

                                                           

                                                        
	 
      	
                                                          ·

                                                        	
                                                          Irrevocable
      and unconditional up-stream guarantee of the Additional Corporate
      Guarantors;

                                                           

                                                        
	 
      	
                                                          ·

                                                        	
                                                          First
      Priority Assignment of all Insurances of the Additional Vessels (Including
      notices of assignment thereof);

                                                           

                                                        
	 
      	
                                                          ·

                                                        	
                                                          First
      Priority Assignment of all the earnings of the Additional Vessels
      including but not limited to specific assignment of any time charter
      employment having a duration of more that 12 months and General Assignment
      of earnings and requisition compensation;

                                                           

                                                        
	 
      	
                                                          ·

                                                        	
                                                          Manager's
      undertaking by the technical and commercial Manager of the Additional
      Vessels (including an assignment of insurances of the Vessels by the
      Manager and a subordination of the Manager's rights under those of the
      Lenders);

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

          
            
               

            

          

        

      

      

      
        	 
      	
                ·

              	
                First
      Priority Pledge over US$ 9,000,000 in deposits held by the Borrower and/or
      the Corporate Guarantors and/or the Additional Corporate Guarantors. This
      is additional to the current first priority pledge over US$ 1,500,000
      deposits.

                 

              
	
                WAIVER
      PERIOD:

              	
                From
      31 December 2008 up to and including 28 February 2010.

                 

              
	
                MAIN
      COVENANT AMENDMENTS:

              	
                ·

              	
                Subject
      to no event of default, Minimum Required Security Cover of 125% to be waived during the
      Waiver Period.

                 

              
	 
      	
                ·

              	
                From
      28/2/2010 to 28/2/2011 Minimum Required Security Cover to be set at
      110%.

                 

              
	 
      	
                ·

              	
                During
      the Waiver Period, no dividend payments without the prior written consent
      of the Lenders.

                 

              
	 
      	
                ·

              	
                Subject
      to no event of default maximum corporate leverage of 60% (ratio of
      the total indebtedness of the Borrower netted of any unencumbered cash
      balances over the market value of all vessels owned by the Borrower) to be
      waived during the Waiver Period.

                 

              
	 
      	
                ·

              	
                Waiver
      of the hedging obligation of the Borrower until 31/12/2009 (except in the
      event that the 5-year IRS is equal or higher than 5% p.a. as per
      clause12.8 (e) of the Loan agreement.

                 

              
	 
      	
                ·

              	
                Regarding
      the required time charter earnings the following amendment to
      apply:  "In the event of a breach of a required specific charter
      there will a be an event of default (as per current clause), however if
      the Company can reasonably prove to the full satisfaction of the lenders
      that its existing time charter employment (i.e from the other vessels for
      which a specific assignment of charter earnings to the lenders is already
      or it is to be put in place or/and from a re-negotiated charter rate plus
      and or/its free/non-restricted cash) is sufficient to meet its originally
      scheduled repayment then there would not be an event of
      default."

                 

              
	
                EXPENSES:

              	
                The
      Borrower will reimburse the Lender for legal fees, (including
      disbursements and value added and other taxes), printing costs and all
      other out-of-pocket expenses incurred by the Lender in connection with the
      amendment of the Facility.

                 

              

      

      Please
sign and return a copy of this letter to signify your acceptance latest by
17th
March 2009. In the event that we do not receive your acceptance by such date,
this offer shall be automatically cancelled and considered null and
void.

       

      
        	
                For
      and on behalf of Piraeus Bank A.E.

              	 
      	
                For
      and on behalf of HSH Nordbank AG

              

      

      

      
        	
                /s/
      Serafelm Kriempardis

                Serafelm
      Kriempardis

                Head
      of Shipping

              	 
      	
                /s/
      Jason Dallas    

                Jason
      Dallas

                Relationship
      Manager

              	 
      	
                /s/
      Hantusch      

                Hantusch

                Senior
      Vice President

              	 
      	
                /s/
      Susanne Kainka

                Susanne
      Kainka

                Vice
      President

              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      

      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      We
acknowledge receipt of your offer letter dated 10 March 2009 and confirm that
the terms and conditions contained are accepted by ourselves that you may
proceed, at our cost, to the preparation of all necessary
documentation.

       

      For and
on behalf of the Borrower:

       

      

       

      Name:____________________________

      

      Date:
 11/03/2009____________________

      

      

      The
Corporate Guarantors:

      

      

      Name:____________________________

      

      Date:_____________________________

      

      

      Name:____________________________

      

      Date:_____________________________

      

      

      Name:____________________________

      

      Date:_____________________________

       

      
 

      SK 25767 0001
986748d986810_ex4-12.htm

    
 

    EXHIBIT
4.12

     

     

    
      	
              

            	 
      

    

    

     

    To: Star
Bulk Carriers Corp.

    7
Frangoklisias Street

    Marousi
151 25

     

    Attn:
Messrs A. Tsirigakis and G. Syllantavos

     

    10 March
2009

     

    Dear
Sirs,

     

    We are
pleased to provide you with amendments to the Loan Agreement dated July 1st 2008
(the "Loan Agreement") relating to a US$35,000,000 term loan facility (the
"Facility"). Save to the extent of amendments required to give efficacy to this
letter, all other terms of the Loan Agreement remain intact. If these amendments
are acceptable to you, kindly revert to us by March 17, 2009 so that we may
proceed with the preparation of the relevant documentation.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              BORROWER
      :

                            	
                              Star
      Bulk Carriers Corp. a NASDAQ listed company registered under the laws of
      the Marshall Islands.

                               

                            
	
                              CORPORATE
      GUARANTOR:

                            	
                              Star
      Cosmo LLC (of Majuro Marshall Islands) 100% owner of the Collateral
      Vessel, being 100% subsidiary of the Borrower.

                               

                            
	
                              COLLATERAL
      VESSEL

                            	
                              M/V
      Star Cosmo, a 2005 built, 52,200 dwt geared dry bulk carrier vessel ("Star
      Cosmo").

                               

                            
	
                              ADDITIONAL
      COLLATERAL VESSEL:

                            	
                              M/V
      Star Alpha a 1991 built 175,075 dwt dry bulk carrier vessel ("Star
      Alpha").

                               

                            
	
                              ADDITIONAL
      CORPORATE GUARANTOR:

                            	
                              Star
      Alpha LLC (of Majuro Marshall Islands) 100% owner of the Additional
      Collateral Vessel, being 100% subsidiary of the Borrower.

                               

                            
	
                              FACILITY:

                            	
                              First
      Priority Mortgage Term Loan Facility.

                               

                            
	
                              FACILITY
      AMOUNT:

                            	
                              Current
      Principal outstanding US$ 32,000,000 (Thirty two million United States
      dollars).

                            

                    

                  

                

              

            

          

        

      

    

    

    
      
         

      

      
         

        
        

      

      
         

        
           

        

      

    

    

    
      	
              REPAYMENT:

            	
              The
      Facility shall be repaid, commencing on 02/04/2009, by twenty two (22)
      consecutive quarterly instalments as follows:

              1st
      &2nd
      instalment US$2,000,000 each;

              3rd
      instalment 750,000;

              4th
      instalment US$1,250,000;

              5th
      to 10th
      instalment US$875,000 each;

              11th
      to 22nd
      instalment US$ 500,000 each;

              plus
      a Balloon Payment of US$13,750,000 payable together with the last (22nd )
      instalment.

               

            
	
              INTEREST
      PERIODS:

            	
              3,
      6, or 9 month interest periods at the request of the Borrower, or such
      other period as may be agreed between the Borrower and the
      Lender.

               

            
	
              INTEREST
      RATE:

            	
              The
      interest rate on the Facility will be based on the London Interbank
      Offered Rate for US Dollar deposits ("LIBOR") plus the Applicable Margin.
      LIBOR will be calculated by reference to the rate appearing on Reuters
      Screen page BBA Libor.

               

            
	 
      	
              In
      the event that the LIBOR does not represent the Lender's Cost of funding,
      then the LIBOR will be substituted by the rate equal to the arithmetic
      mean of the rates offered for the relevant Interest Period in the London
      Interbank Market for deposits in Dollars on the day of commencement of the
      relevant Interest Period as same appear in REUTERS screen at the
      corresponding electronic pages of KLIEMM (Carl Kliem GmgH),
      USDDEPO=ICAP (Icap Plc) and USDDEPO=TTKL (Tullett Prebon Plc) as per
      Piraeus Bank A.E standard "Market disruption & Non- availability"
      clause.

               

            
	 
      	
              Interest
      will be calculated on the basis of the actual number of days elapsed in a
      360 day year. Interest shall be payable in arrears on the last day of each
      interest period, but in the event that a period in excess of 3 months is
      selected then interest will be payable every 3 months.

               

            
	
              APPLICABLE
      MARGIN:

            	
              2%
      per annum applicable from 1/3/2009 to 28/2/2010 (the duration of the
      waiver). From 1/3/2010 until the final maturity date of the Facility 1.5%
      per annum.

            

    

    
      
         

      

      
         

        
        

      

      
         

        
          
             

          

        

      

    

    

    
      
        	
                ADDITIONAL
      SECURITY:

              	
                Additional
      security of this Facility, to be made available to the Lender, shall
      include Inter alia:

                 

              
	 
      	
                ·

              	
                Second
      Priority Mortgage on the Additional Collateral Vessel;

                 

              
	 
      	
                ·

              	
                Irrevocable
      and unconditional up-stream guarantee of the Additional Corporate
      Guarantor;

                 

              
	 
      	
                ·

              	
                Second
      Priority Assignment of all Insurances of the Additional Collateral Vessel
      (including notices of assignment thereof);

                 

              
	 
      	
                ·

              	
                Second
      Priority Assignment of all the earnings of the Additional Collateral
      Vessel including but not limited to specific assignment of any time
      charter employment having a duration of more that 12 months and General
      Assignment of earnings and requisition compensation;

                 

              
	 
      	
                ·

              	
                Manager's
      undertaking by the Manager Additional Collateral Vessel;

                 

              
	 
      	
                ·

              	
                First
      Priority Pledge over US$ 5,000,000 in deposits held by the Borrower or the
      Corporate Guarantor in an account with the Lender.

                 

              
	
                WAIVER
      PERIOD:

              	
                From
      31 December 2008 up to and including 28 February 2010.

                 

              
	
                MAIN
      COVENANT AMENDMENTS:

              	
                ·

              	
                Subject
      to no event of default, Minimum Required Security Cover of 125% to be
      waived during the Waiver Period.

                 

              
	 
      	
                ·

              	
                From
      28/2/2010 to 28/2/2011 Minimum Required Security Cover to be set at
      110%.

                 

              
	 
      	
                ·

              	
                During
      the Waiver Period, no dividend payments without the prior written consent
      of the Lender.

                 

              
	 
      	
                ·

              	
                Subject
      to no event of default maximum corporate leverage of 60% (ratio of the
      total indebtedness of the Borrower netted of any unencumbered cash
      balances over the market value of all vessels owned by the Borrower) to be
      waived during the Waiver
Period.

              

      

    

     

    
 

    
      
         

      

      
         

        
        

      

      
         

        
          
             

          

        

      

    

    

    
      	
              EXPENSES:

            	
              The
      Borrower will reimburse the Lender for legal fees, (including
      disbursements and value added and other taxes), printing costs and all
      other out-of-pocket expenses incurred by the Lender in connection
      with the amendment of the Facility.

            

    

    

     

    Please
sign and return a copy of this letter to signify your acceptance latest by
17th
March 2009. In the event that we do not receive your acceptance by such date,
this offer shall be automatically cancelled and considered null and
void.

     

    For and
on behalf of

    Piraeus
Bank A.E.

    
 

    
      
        
          	
                  /s/ Serafelm Kriempardis

                  Serafelm
      Kriempardis

                  Head
      of Shipping

                	 
      	
                  /s/ Jason Dallas    

                  Jason
      Dallas

                  Relationship
      Manager

                

        

      

    

    

     

    
      
         

      

      
         

        
        

      

      
         

        
           

        

      

    

     

    We
acknowledge receipt of your offer letter dated 10 March 2009 and confirm that
the terms and conditions contained are accepted by ourselves and that you may
proceed, at our cost, to the preparation of all necessary
documentation.

     

    For and
on behalf of the Borrower:

     

     

    Name:____________________________

    

    Date:  11/03/2009                                                                                           

    

    

    The
Corporate Guarantors:

    

    

    Name:____________________________

    

    Date:_____________________________

    

    

    Name:____________________________

    

    Date:_____________________________

    

    

    

     

    SK 25767 0001
986810

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