The proceeds after repayment of previous debt of the already-concluded financings amounted to
“The amount of cash released from the concluded deals corresponds to about 77% of the current market capitalization of the company. Taking into account the new debt levels of our fleet following the refinancings, the leverage of the fleet remains at a very conservative level of about 45%.”
Suezmaxes Refinancing
The duration of the Financing Agreements for the Suezmaxes (the “Suezmax Financing Agreements”) is for ten years and we have continuous options, after the first year for the M/T Eco Malibu and after the second year for
VLCCs Refinancing
The duration of the Financing Agreements for the VLCCs (the “VLCC Financing Agreements”) is for eight years and we have continuous options, after the first year, to buy back the vessels at purchase prices stipulated in the VLCCs Financing Agreements. At the end of the eight -year period we have an obligation to buy back the vessels for a consideration of
MR Product Tanker Refinancing
The duration of the Financing Agreement for the MR product tanker (the “MR Financing Agreement”) is for seven years and we have continuous options, after the first year, to buy back the vessel at purchase prices stipulated in the MR Financing Agreement. At the end of the seven-year period we have an option to buy back the vessel for a consideration of
The Financing Agreements contain customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and (ii) minimum free liquidity of
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Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the Company’s share repurchase program.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
For further information please contact:
Chief Financial Officer
Tel: +30 210 812 8107
Email: atsirikos@topships.org
Source:
2024 GlobeNewswire, Inc., source