GoodBulk Ltd., a leading owner and operator of dry bulk vessels, announces that it has come to an agreement with its banks to refinance its fleet.
In June 2020, GoodBulk received credit committee approval from its banks for a loan of $200 million to refinance the full amounts outstanding under five of its six existing facilities for approximately the same total amount. The new $200 million loan is subject to the execution of customary definitive documentation and GoodBulk expects to finalize it within the first half of July 2020. The loan will have a tenor of five years, bear interest at LIBOR plus 2.35%, which is about 0.15% below the present spread and include a non – amortizing period up until January 2021. This arrangement will allow GoodBulk to further reduce its already competitive all-in cash break – even for the second half of 2020 to $6,922 per day from a current $10,507 per day, for 2021 to $9,947 per day from a current $10,305 per day and for 2022 to $9,810 per day from a current $9,878 per day.
Furthermore, taking into consideration the revenues deriving from the chartered-out vessels, the cash break-even is further reduced to $2,785 per day in the third quarter of 2020 for 17 open vessels (70% of our ownership days) and to $5,299 for the fourth quarter of 2020 for 19 open vessels (80% of our ownership days).