Home Cyprus Castor Maritime announces $15.3 Million Debt Financing

Castor Maritime announces $15.3 Million Debt Financing

Castor Maritime, a global shipping company specialising in the ownership of dry bulk vessels, announces the closing, through two of its ship-owning subsidiaries, of a $15.3 million senior term loan facility with a reputable European financial institution (“the $15.3 Million Financing”), secured by two of its vessels. The loan is expected to be drawn down before the end of this month. The Company intends to use the net proceeds from the $15.3 Million Financing to support the Company’s growth plans.

The $15.3 Million Financing will have a tenor of four years from the drawdown date and will bear interest at 3.30% plus LIBOR per annum.

Petros Panagiotidis, Chief Executive Officer of Castor, commented:

“We are very pleased that this financing opportunity came to a successful completion. This new debt financing, our largest to date, with its attractive cost of funds, will provide additional liquidity enablingus to continue pursuing our strategic goals of expanding our fleet and delivering long-term profitability to our shareholders.”