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.