Capital Maritime Sells Three Vessels

Capital Maritime Sells Three Vessels

Capital Product Partners L.P., has announced the successful acquisition of three 5,023 TEU container vessels from its sponsor Capital Maritime for an aggregate purchase price of $195 million.

The vessels M/V CCNI Angol (ex Hyundai Prestige), the M/V Hyundai Privilege and the M/V Hyundai Platinum, were built by Hyundai Heavy Industries. Co. Ltd. in 2013.

The acquisition was mainly funded from the Partnership’s new $200,000,000 senior secured credit facility with ING Bank N.V. and HSH Nordbank AG (Credit Facility) and from the net proceeds of its public offering of 13,685,000 common units, including the exercise of the overallotment option, which was closed on August 9, 2013, at a price of $9.25 per unit.

Under the Credit Facility, the Partnership may further borrow for the financing up to 50% of the value of modern product tanker and post panamax container vessels.

The facility is non-amortizing until March 2016.


Press Release, September 17, 2013