Greece-based product tanker company Pyxis Tankers has completed the refinancing of its existing performing loans.
The company informed that it refinanced USD 26.9 million of outstanding loans with a new 5-year loan of USD 20.5 million and cash of USD 2.1 million.
The shipowner also agreed with its prior lender to write-off the remaining balance of approximately USD 4.3 million.
“The refinancing of our existing performing loans on three of our product tankers provides us a number of important financial benefits and helps position Pyxis Tankers for growth opportunities,” Valentios Valentis, Pyxis Tankers’ Chairman and CEO , said.
Valentis explained that the key aspects include lowering financial leverage by the realization of a USD 4.3 million gain from debt extinguishment, resulting in a proportional increase in stockholders’ equity; increasing the company’s net asset value by 10% and extending individual ship loan maturities by almost 3 additional years.
Other aspects include lowering break-even levels for the refinanced vessels; improving net working capital; reducing required consolidated minimum liquidity; and creating a new commercial banking relationship.
Pyxis Tankers owns a fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids.