Pyxis Tankers announces loan commitment for potential fleet expansion
Published by Alfred Hamer,
Editorial Assistant
Dry Bulk,
Pyxis Tankers Inc. an international shipping company, has announced that it has signed a commitment letter with an existing bank for a “hunting license” loan facility of up to US$45 million in order to finance the potential acquisition of up to two modern vessels, consisting of product tankers between 45 000 and 115 000 dwt and/or dry bulk carriers between 60 000 and 85 000 dwt.
Advances under the Facility, which can be as much as 62.5% of vessel purchase value, can be drawn-down anytime for a period of up to 18 months after closing of the Facility, which is expected to occur during June 2025. The balance of the purchase consideration would consist of cash equity on hand from the Company. Borrowings under the Facility would have an average interest rate of SOFR + 1.9%.
Each advance under the Facility would be repaid on quarterly basis over 5 years from drawdown. The Facility would be secured by, among other things, any vessels acquired with the proceeds of the Facility and will contain certain financial and other covenants. The Company would incur a nominal fee to the lender during the drawdown period of the Facility. The closing of the Facility is subject to satisfactory execution of customary loan documentation.
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Read the article online at: https://www.drybulkmagazine.com/shipping/07052025/pyxis-tankers-announces-loan-commitment-for-potential-fleet-expansion/
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