Castor Maritime Announces Completion of a $40.75 Million Debt Financing

Source: www.gulfoilandgas.com 7/28/2021, Location: Europe

Castor Maritime Inc., a diversified global shipping company, announces the closing and drawdown of a $40.75 million senior term loan facility with a European bank (the “$40.75 Million Financing”), through four of its dry bulk vessel shipowning entities. The Company intends to use the net proceeds from the $40.75 Million Financing for general corporate purposes, including supporting the Company’s growth plans.

The $40.75 Million Financing has a tenor of five years and bears interest at LIBOR plus 3.10% per annum.

Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:
“We are happy to announce the closing of this significant new financing, provided by one of our existing lenders and secured by our dry bulk vessels M/V Magic Thunder, M/V Magic Nebula, M/V Magic Eclipse and M/V Magic Twilight. We believe that by increasing our low leverage position, we are improving our capital structure and enhancing our ability to fund our growth plans.

Finally, we announce that under our At-The-Market common stock offering program we have sold to date 3,563,407 common shares raising net proceeds of $9.7 million, with no sales having taken place in July 2021.”


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