Kurs & Likviditet
Beskrivning
Land | Bermuda |
---|---|
Lista | OB Match |
Sektor | Tjänster |
Industri | Shipping & Offshore |
2024-04-09 08:05:02
Oslo, Norway, April 9, 2024
Refinancing and amendment of Term Loan Facility
The Company is pleased to announce its agreement to refinance and amend its
US$162.5 million Term Loan Facility maturing in March 2027. Pursuant to the new
agreement, the Company will repay US$27.5 million of the outstanding amount
under the Term Loan Facility, which will be replaced with a new non-amortizing
US$112.5 million Loan Facility maturing in April 2029.
The new Loan Facility has the following main amendments:
· Interest rate of SOFR+195 bps, down from SOFR + credit adjustment spread of
0.26161% + 210 bps under the previous Term Loan Facility
· Maturity in April 2029, extended from March 2027 under the previous Term
Loan Facility
· No amortization, compared to US$10 million in yearly amortization under the
previous Term Loan Facility
The amendments and the new Loan Facility is expected to become effective on
April 10, 2024.
Following the above debt repayment, the Company holds a cash balance of
approximately US$60 million as of April 9, 2024.
Following the refinancing of the Term Loan Facility, the Company's estimated
cash breakeven will be US$11,800 per day per vessel. Each vessel trading on
index-linked time charter is estimated to earn US$11,800 per day with a Baltic
5TC Capesize Index of US$6,800 per day and with today's scrubber spread of
US$145 per mt.
Special dividend
Following completion of the sale of Bulk Seoul and Bulk Shanghai, the Board of
Directors have approved a special dividend of US$1.68 per share (US$38,423,122
in total). For information relating to record and payment dates, reference is
made to the stock exchange notice sent earlier today.
See enclosed presentation for updated illustrative free cash flow sensitivity
following vessel sales and refinancing.
For further queries, please contact:
Magnus Halvorsen, Chairperson, 2020 Bulkers Ltd.
Telephone +47 920 20 111
About 2020 Bulkers Ltd.:
2020 Bulkers has six Newcastlemax dry bulk vessels in operation. All vessels are
fitted with exhaust scrubber systems.
Forward-Looking Statements
This announcement includes forward looking statements. Forward looking
statements are, typically, statements that do not reflect historical facts and
may be identified by words such as "anticipate", "believe", "continue",
"estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this announcement are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although 2020 Bulkers Ltd. believes that these assumptions are reasonable, they
are, by their nature, uncertain and subject to significant known and unknown
risks, contingencies and other factors which are difficult or impossible to
predict and which are beyond our control. Such risks, uncertainties,
contingencies and other factors could cause actual events to differ materially
from the expectations expressed or implied by the forward-looking statements
included herein.
The information, opinions and forward-looking statements contained in this
announcement speak only as of the date hereof and are subject to change without
notice.