Castor announces senior secured debt of $ 11.0 million


LIMASSOL, Cyprus, November 25, 2019 (GLOBE NEWSWIRE) – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today ‘ hui announced the closing, through two of its shipowner subsidiaries, of an $ 11.0 million guaranteed term loan facility with Alpha Bank SA (“the Alpha Bank Financing”). The loan is expected to be used before the end of 2019. The Company intends to use the net proceeds from the Alpha Bank financing to repay its existing $ 7.5 million bridge loan to shareholders and to fund its growth plans in Classes.

The Alpha Bank financing will have a term of five years from the date of the drawdown and will bear interest at 3.50% plus LIBOR per annum.

Petros Panagiotidis, Managing Director and CFO of Castor said:

“We are delighted to have entered into our first secured term financing with Alpha Bank, a blue chip bank, on competitive terms. We welcome this new banking relationship and remain committed to using our balance sheet in the most efficient way to pursue our growth plans. “

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of marine transportation services through its ownership of dry bulk vessels. The Company’s vessels are primarily used for medium-term charters and carry a range of dry bulk cargoes, including cargo such as coal, grain and other materials along global shipping routes.

The Company’s fleet currently consists of three Panamax bulk carriers.

For more information, please visit the company’s website at www.castormaritime.com

Caution Regarding Forward-Looking Statements

The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements, which are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat in connection with such safe harbor legislation. The words “believe”, “anticipate”, “intend to”, “estimate”, “foresee”, “plan”, “plan”, “potential”, “will”, “could”, “should”, “Pending” and similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, our management’s review of operating trends. historical data, data in our records and other data available from third parties. Although we believed 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 achieve those expectations, beliefs or projections. We assume no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors which, in the opinion of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements include general conditions of the dry bulk transportation market. , including fluctuations in rental rates and vessel values, the strength of world economies, the stability of Europe and the euro, fluctuations in interest rates and exchange rates, the development of demand in the dry bulk transport industry, including the market for our vessels, changes in our operating expenses, including bunker prices, mooring and insurance costs, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for pending or future litigation, general national and international political conditions, potential disruption of shipping routes due to accidents or political events, the availability of financing and refinancing and developing our business, vessel breakdowns and leasing inst, risks associated with shipbuilding, potential exposure or loss of ‘investments in derivatives, potential conflicts of interest involving our CEO, his family and other members of our senior management, and our ability to complete acquisitions as planned. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information contained herein is valid only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

CONTACT DETAILS
For more information please contact:

Petros Panagiotidis
Castor Maritime Inc.
E-mail: [email protected]

Media contact:
Kevin Karlis
Capital link
E-mail: [email protected]


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