Pyxis Tankers Inc., an international shipping company, announced today that it had signed a commitment letter with an existing bank for a “hunting license” loan facility of up to $45 million (the “Facility”) in order to finance the potential acquisition of up to two modern vessels, consisting of product tankers between 45-115K dwt. and/or dry bulk carriers between 60-85K 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.

The Company currently owns a modern fleet of six mid-sized eco-vessels, which are engaged in the seaborne transportation of a broad range of refined petroleum products and dry-bulk commodities and consists of three MR product tankers, one Kamsarmax bulk carrier and controlling interests in two dry-bulk joint ventures of a sister-ship Kamsarmax and an Ultramax. The Company is positioned to opportunistically expand and maximize its fleet of eco-efficient vessels due to significant capital resources, competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders.
Source: Pyxis Tankers