Business
Pyxis Tankers Announces Acceptance of Loan Refinancing Letter of Product Tanker
Maroussi, Greece, February 10, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international pure play product tanker
About this update from Pyxis Tankers Inc.
[{"type":"text","content":"Maroussi, Greece, February 10, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today 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.” About Pyxis Tankers Inc. We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships, and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report. Forward Looking Statements This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected’’, “estimated”, “scheduled”, “could”, “should”...