Eagle Bulk Shipping has left the door open for further growth and mergers-and-acquisition activity after netting more than $114m to fund its second major enbloc transaction in under three years.

Nasdaq-listed Eagle Bulk raised the capital from a convertible notes issue, with the backing of its two major investors, and is set to spend $122m on the new vessels, which will all be fitted with scrubbers.

The swoop means Connecticut-based Eagle Bulk has been involved in the sale and purchase of 34 ships during the past three years, a drive that includes buying 20 ultramaxes and divesting of 14 older vessels.

Gary Vogel, chief executive of Eagle Bulk, said the use of convertible notes to fund the acquisition allowed for additional growth.

“This sets us up … for more than just these six ships, if that’s where we feel it’s appropriate and want to go,” Vogel said during a conference call with analysts this week.

Eagle Bulk has an accordion feature on an existing loan that can be drawn to raise further cash for growth. At the same time, the six new vessels will be unencumbered, providing what Vogel described as further potential dry powder.

“We have the ability to apply some traditional bank debt for further acquisitions, if and when appropriate,” he said.

As TradeWinds has reported, four of the six vessels are coming from Nautical Bulk Holdings and had been circulated for sale by one of its private equity backers, Solus ­Alternative Asset Management.

The $21m per vessel deal marks the first known sale of scrubber-fitted bulkers.

Brokers say the deal is interesting, but it is too early to say if a premium for scrubber-fitted ships will be established in the market over a sustained period.

The seller of the other two ships to Eagle Bulk, which will have scrubbers fitted post-delivery, has yet to emerge.

“We believe the price we were able to achieve is attractive relative to recent comps and that timing is ideal given current rate developments and the impending onset of IMO 2020,” Vogel said.

Eagle Bulk last made a major enbloc purchase two-and-a-half years ago when it bought a fleet of nine ultramaxes from Greenship Bulk.

Vogel said the company would now take a “pause” and “err on the side of caution” but hinted it was keeping an eye on fresh transactions.

“We always look at potential other M&A activity and this gives you more capacity on the balance sheet as well,” he said.

Vogel said while Eagle Bulk was constructive in its view of the market, the slump in the first quarter of this year showed the need to be prepared for periods of weakness.

“At any given time, I don’t ever want to think we want to put this company in a position where the market has to do something on a given day,” he said.