$CTRM Castor Maritime Inc. Announces Completion of a $40.75 Million Debt Financing
Limassol, Cyprus, July 28, 2021 – Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces the closing and drawdown of a $40.75 million senior term loan facility with a European bank (the “$40.75 Million Financing”), through four of its dry bulk vessel shipowning entities. The Company intends to use the net proceeds from the $40.75 Million Financing for general corporate purposes, including supporting the Company’s growth plans.
The $40.75 Million Financing has a tenor of five years and bears interest at LIBOR plus 3.10% per annum.
Mr. Petros Panagiotidis, Chief Executive Officer of Castor commented:
“We are happy to announce the closing of this significant new financing, provided by one of our existing lenders and secured by our dry bulk vessels M/V Magic Thunder, M/V Magic Nebula, M/V Magic Eclipse and M/V Magic Twilight. We believe that by increasing our low leverage position, we are improving our capital structure and enhancing our ability to fund our growth plans.
Finally, we announce that under our At-The-Market common stock offering program we have sold to date 3,563,407 common shares raising net proceeds of $9.7 million, with no sales having taken place in July 2021.”
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.
On a fully delivered basis, Castor will own a fleet of 26 vessels, with an aggregate capacity of 2.2 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 10 Panamax dry bulk vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers. Where we refer to information on a “fully delivered basis”, we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.
For more information please visit the Company’s website at www.castormaritime.com
Information on our website does not constitute a part of this press release.
