2020 Bulkers Ltd. (2020) - Refinancing of Term Loan Facility

Hamilton, Bermuda - November 19, 2021

The Company is pleased to announce the refinancing of the US$180 million Term Loan Facility maturing in August 2024.

At the time of closing, the outstanding amount under the existing US$180 million Term Loan Facility will be replaced with a new US$162.5 million Term Loan Facility maturing in March 2027.

The new Term Loan Facility has the following main amendments:

• Interest rate of Libor+210 bps, down from Libor + 250 bps under the current Term Loan Facility

• Maturity in March 2027, extended from August 2024 under the current Term Loan Facility

• The removal of the existing minimum cash requirement related to dividend and cash distributions

The new Term Loan Facility is expected to reduce the Company's average cash breakeven by approximately US$200 per ship per day.

The refinancing is subject to customary closing conditions and is expected to close on or about December 3, 2021.

About 2020 Bulkers Ltd.:
2020 Bulkers has eight Newcastlemax dry bulk vessels in operation. All vessels are fitted with exhaust scrubber systems.

2020 Bulkers Limited press release