Pyxis Tankers Inc., an international pure play product tanker company, announced that through a wholly-owned subsidiary, it had accepted a letter agreement for a secured term loan facility of up to $15.5 million from Piraeus Bank S.A. (the “Facility”) with an interest rate of Term SOFR plus 2.7% that is repayable over 5 years on a quarterly basis. The proceeds from the Facility will be used to refinance the existing debt secured by the Pyxis Karteria, our 2013 built, 46,652 dwt. MR2 product tanker, and for other corporate purposes. The Facility is subject to the completion of customary closing conditions and the execution of final loan documentation and is expected to close by the end of February 2023.
Valentios Valentis, our Chairman and CEO commented:
“We are very pleased to start a new banking relationship with Piraeus Bank, which has agreed to provide us with a 5 year loan of up to $15.5 million on attractive terms and standard conditions for our 10 year old vessel. Upon closing, this Facility will provide us a number of important benefits including a) a savings of 210 basis points in interest rate margin and b) lengthening our overall average debt maturities.”
