Pyxis Tankers Announces Refinancing of Modern Product Tanker

Source: www.gulfoilandgas.com 3/30/2021, Location: Europe

Pyxis Tankers Inc., a growth-oriented, pure play product tanker company, today announced that it had successfully completed the refinancing of a previous loan facility secured by the Pyxis Epsilon with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable over 5 years.

Valentios Valentis, our Chairman and CEO commented:
“We are very pleased that we are expanding our relationship with Alpha Bank S.A. which has provided us with an additional $17 million loan on terms and conditions, including quarterly amortization of $300,000, that are similar to the existing loan for our vessel, the Pyxis Theta. This new facility provides us a number of benefits including improving balance sheet leverage, lengthening our average debt maturities and reducing aggregate principal and interest payments. For example, the consolidated weighted average interest rate on our debt has declined from 7.1% in the fourth quarter, 2020 to approximately 5% currently. We do not have any scheduled senior loan maturities for the next two years.”


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