Top Ships Inc (TOPS)

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TOP Ships Inc. Announces New Financings
GlobeNewswire•July 17, 2019
ATHENS, Greece, July 17, 2019 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of crude oil and petroleum products, announced today that it has concluded a Financing Agreement with a major Chinese Financier. The gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB. The tenor of the new facility is 10 years.

The company also announced that it intends to enter into 2 additional Financing Agreements with the same financier at similar terms, in order to exercise its purchase options for the M/Ts Stena Weco Energy and Stena Weco Evolution. These acquisitions are expected to be concluded during the fourth quarter of 2019.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:

“We are very pleased to have concluded this financing with a very high quality financier and look forward to concluding the two additional financings. These new financings will lead to a lower cost of debt for the 3 vessels overall.”