10:35 AM EDT, 08/23/2024 (MT Newswires) -- Icon Energy (ICON) said Friday it signed a non-binding term sheet with an unnamed lender for an up to $16 million senior secured credit facility.

Proceeds are expected to be used to finance part of its acquisition of a Kamsarmax dry bulk carrier and leverage the M/V Alfa vessel, Icon Energy said.

The lender may also offer up to $75 million for future vessel purchases, the company said.

The deal is expected to close before the Kamsarmax delivery, Icon Energy added.

Additionally, Icon said its board has approved a quarterly cash dividend of $0.08 per share, payable around Sept. 30 to shareholders of record on Sept. 15.

Icon Energy shares were up 3.1% in recent trading.

Price: 2.16, Change: +0.07, Percent Change: +3.11