GoodBulk Acquires $200 Million for Fleet Refinancing

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  • GoodBulk has come to an agreement with its banks to refinance its fleet.
  • GoodBulk received credit committee approval from its banks for a loan of $200 million.
  • It will be used to refinance the full amounts outstanding under five of its six existing facilities.
  • The loans are subject to the execution of customary definitive documentation.

GoodBulk Ltd. announced that it has come to an agreement with its banks to refinance its fleet, says a press release published on their website.

GoodBulk received credit committee approval

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 loans are 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.

Reduction in capacity

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.

New fleet stats

The new fleet-wide cash break-even would be as follows:

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).

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Source: GoodBulk

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