Pyxis Tankers Refinances USD 26.9 Mn of Loans

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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >