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Performance Shipping Inc. Announces New Loan Facility With Alpha Bank S.A. to Partially Finance Acquisition Of Seventh Vessel
ATHENS, Greece, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into an agreement for a secured term loan facility of up to approximately US$18,250,000 with Alpha Bank S.A. (the “Facility”) through a separate wholly-owned subsidiary of the Company. Proceeds from the Facility will be used to partially finance up to 50% of the purchase price of the previously-announced acquisition of the Company’s seventh tanker vessel, and its first LR2, to be renamed M/T P. Aliki. The Facility will be repayable in twenty consecutive quarterly installments of US$500,000 each, and a balloon installment of US$8,250,000 payable concurrent with the twentieth quarterly installment. The Facility will be secured by, among other things, a guarantee of the Company and a first priority mortgage over the M/T P. Aliki. Commenting on the Facility, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “As we have already stated, the addition of Alpha Bank as a new lender to our Company demonstrates confidence in Performance Shipping Inc., with a 5-year term loan facility maturing in late 2027 which reduces our cost of debt. We expect to drawdown this Facility upon delivery of our seventh vessel, the M/T P. Aliki.” About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. 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, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “...