Business
Castor Announces $11.0 Million Senior Secured Debt Financing
LIMASSOL, Cyprus, Nov. 25, 2019 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Nov. 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 announced the closing, through two of its ship-owning subsidiaries, of a $11.0 million secured term loan facility with Alpha Bank S.A. (“the Alpha Bank Financing”). The loan is expected to be drawn down before the end of 2019. The Company intends to use the net proceeds from the Alpha Bank Financing to retire its $7.5 million existing shareholder bridge loan and to fund its ongoing plans for growth.\n The Alpha Bank Financing will have a tenor of five years from the drawdown date and will bear interest at 3.50% plus LIBOR per annum. Petros Panagiotidis, Chief Executive Officer and Chief Financial Officer of Castor commented: “We are pleased to have concluded our first secured term loan financing with Alpha Bank, a first class bank, at competitive terms. We welcome this new banking relationship and remain committed to utilizing our balance sheet in the most effective way for continuing our growth plans.” About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium-term charters and transport a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes. The Company's fleet currently consists of three Panamax dry bulk carriers. For more information please visit the company’s website at www.castormaritime.com Cautionary Statement Regarding 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. 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 s...