Refinancing and amendment of Term Loan Facility
The Company is pleased to announce its agreement to refinance and amend its
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 fromMarch 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
Following the above debt repayment, the Company holds a cash balance of approximately
Following the refinancing of the Term Loan Facility, the Company's estimated cash breakeven will be
Special dividend
Following completion of the sale of Bulk Seoul and Bulk Shanghai, the Board of Directors have approved a special dividend of
See enclosed presentation for updated illustrative free cash flow sensitivity following vessel sales and refinancing.
For further queries, please contact:
Telephone +47 920 20 111
About
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
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.
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