Shipwrecks and Lost Treasures of the Seven Seas Shipwrecks and Lost Treasures of the Seven Seas
  • HOME PAGE
  • WET & HOT NEWS
  • CONTACT
  • PHOTOS ALBUM
  • VIDEOS
  • SITES DIRECTORY
  • HOT LINKS
  • Unique Treasures /
  • WET & HOT NEWS ! /
  • SS Republic

SS Republic

Coins secure credit for Odyssey Marine

By treasures | On 05/05/2010 | In Treasure Hunting / Recoveries

From Tampa Bay Business Journal


Odyssey Marine Exploration Inc. renewed it $5 million revolving credit facility with Fifth Third Bank.

The line of credit initially is secured by about 29,000 numismatic coins recovered by the company from the SS Republic shipwreck, a filing with the Securities and Exchange Commission said. The number of coins held as collateral will be reduced over the term by the amount of coins sold by Odyssey Marine, the filing said.

Odyssey Marine, a Tampa company that explores and recovers deep-ocean shipwrecks worldwide, said it would use the credit line to fund ongoing operations.

Odyssey Marine initially received a two-year, $5 million credit facility from Fifth Third Bank in February 2008. A 90-day extension was granted until May 7, 2010, the SEC filing said.

The renewed credit facility has a floating interest rate equal to the prime rate plus 1.5 percent, requires monthly payments of interest only and is due in full April 23, 2011, the filing said.

The company is required to pay the bank an unused line fee equal to one-half percent per year on the unused portion of the credit line.

The coins used as collateral will be held by a custodian for the security of the bank, and the borrowing base will be equal to 40 percent of the eligible coin inventory valued on a rolling 12-month wholesale average value, the filing said.



  • 1
  • 2
  • 3
  • 4
  • 5
  • 6

HOME PAGE

 

Countries Legislation

U/W Archaeology

Wild Hunters

Secret Treasures

Untold Treasures

Exclusive Wrecks

Tips, Ideas, Media

Not Found Yet !

Tag Cloud

100 years Australia Baltic sea Belfast Captain Edward Smith FLORIDA gold Great Lakes Indiana State Museum Indianapolis James Cameron Joseph Bruce Ismay Mercedes Molly Brown odyssey marine exploration OMEX shipwreck shipwrecks Spain Titanic Treasure White Star Line World War II wreck

Keep informed

Search Engine

search this site the web

Le trésor de la Reliance

News Feed

  • More than 100 'perfectly preserved' Roman amphorae
  • One-tonne WWII mine from shipwreck
  • Biblical shipwreck of St Paul 'found'
  • A shipwreck worth billions...

Other Websites

Advertise with us !

Members Area

Create an account |  Lost password?

Follow us on Twitter      Find us on Facebook


Google+

© 2007-2019 oceantreasures.org
All Rights Reserved

 

 

 

  • Legal notices