Pyxis Tankers Announces Loan Commitment for Potential Fleet Expansion
Pyxis Tankers (PXS) has secured a commitment letter for a "hunting license" loan facility of up to $45 million to potentially acquire up to two modern vessels. The facility allows for financing up to 62.5% of vessel purchase value for either product tankers (45-115K dwt) or dry bulk carriers (60-85K dwt). The loan can be drawn within 18 months after closing, expected in June 2025, with an interest rate of SOFR + 1.9%. Repayment will occur quarterly over 5 years from drawdown. The remaining purchase consideration will be funded through the Company's cash equity.
Pyxis Tankers (PXS) ha ottenuto una lettera di impegno per una linea di credito "hunting license" fino a 45 milioni di dollari per l'acquisto potenziale di fino a due navi moderne. La linea di credito consente di finanziare fino al 62,5% del valore di acquisto delle navi, sia per petrolieri di prodotto (45-115K dwt) sia per navi bulk secche (60-85K dwt). Il prestito potrà essere utilizzato entro 18 mesi dalla chiusura, prevista per giugno 2025, con un tasso di interesse pari a SOFR + 1,9%. Il rimborso avverrà trimestralmente in un arco di 5 anni a partire dal prelievo. La parte restante del prezzo di acquisto sarà coperta con capitale proprio della Società.
Pyxis Tankers (PXS) ha asegurado una carta de compromiso para una línea de crédito "hunting license" de hasta 45 millones de dólares para la posible adquisición de hasta dos buques modernos. La línea permite financiar hasta el 62,5% del valor de compra del buque para petroleros de productos (45-115K dwt) o graneleros secos (60-85K dwt). El préstamo podrá ser utilizado dentro de los 18 meses posteriores al cierre, previsto para junio de 2025, con una tasa de interés de SOFR + 1,9%. El reembolso será trimestral durante 5 años desde el desembolso. El resto del precio de compra será financiado con el capital propio de la Compañía.
Pyxis Tankers (PXS)는 최대 4,500만 달러 규모의 "헌팅 라이선스" 대출 약정서를 확보하여 최대 두 척의 현대식 선박을 잠재적으로 인수할 수 있게 되었습니다. 이 대출 시설은 제품 탱커(45-115K dwt) 또는 건화물선(60-85K dwt) 선박 구매 가치의 최대 62.5%까지 자금 조달이 가능합니다. 대출금은 2025년 6월로 예상되는 계약 종료 후 18개월 이내에 인출할 수 있으며, 이자율은 SOFR + 1.9%입니다. 상환은 인출 시점부터 5년간 분기별로 이루어집니다. 나머지 구매 대금은 회사의 현금 자본으로 충당됩니다.
Pyxis Tankers (PXS) a obtenu une lettre d'engagement pour une facilité de prêt "hunting license" pouvant aller jusqu'à 45 millions de dollars afin d'acquérir potentiellement jusqu'à deux navires modernes. Cette facilité permet de financer jusqu'à 62,5 % de la valeur d'achat des navires, qu'il s'agisse de pétroliers de produits (45-115K dwt) ou de vraquiers secs (60-85K dwt). Le prêt peut être tiré dans les 18 mois suivant la clôture, prévue en juin 2025, avec un taux d'intérêt de SOFR + 1,9 %. Le remboursement s'effectuera trimestriellement sur 5 ans à partir du tirage. Le reste du prix d'achat sera financé par les fonds propres de la Société.
Pyxis Tankers (PXS) hat eine Verpflichtungserklärung für eine "Hunting License" Kreditfazilität in Höhe von bis zu 45 Millionen US-Dollar erhalten, um möglicherweise bis zu zwei moderne Schiffe zu erwerben. Die Fazilität erlaubt eine Finanzierung von bis zu 62,5 % des Kaufwerts der Schiffe, entweder für Produkttanker (45-115K dwt) oder Massengutfrachter (60-85K dwt). Der Kredit kann innerhalb von 18 Monaten nach dem Abschluss, der für Juni 2025 erwartet wird, in Anspruch genommen werden, mit einem Zinssatz von SOFR + 1,9 %. Die Rückzahlung erfolgt vierteljährlich über 5 Jahre ab Auszahlung. Der verbleibende Kaufpreis wird durch Eigenkapital des Unternehmens finanziert.
- Access to significant financing of up to $45 million for fleet expansion
- Favorable loan terms with competitive interest rate of SOFR + 1.9%
- Flexible 18-month drawdown period providing strategic acquisition timing
- High loan-to-value ratio of up to 62.5% of vessel purchase value
- Additional debt burden could impact company's financial leverage
- Nominal fee required during drawdown period
- Subject to financial and other covenants that could restrict operations
Maroussi, Greece – May 7, 2025 – Pyxis Tankers Inc. (the “Company”) (NASDAQ Cap Mkts: PXS), 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
About Pyxis Tankers Inc.
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. For more information, visit: http://www.pyxistankers.com. The information on or accessible through the Company’s website is not incorporated into and does not form a part of this release.
Forward Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will, “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of the war in the Ukraine and the Red Sea conflict, on our financial condition and operations as well as the nature of the product tanker and dry-bulk industries, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. The Company is reliant on certain independent and affiliated managers for its operations, including most recently an affiliated private company, Konkar Shipping Agencies, S.A., for the management of its dry-bulk vessels. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Company
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi, 15125 Greece
info@pyxistankers.com
Visit our website at www.pyxistankers.com
Company Contact
Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com
Source: Pyxis Tankers Inc.
FAQ
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What is the interest rate and repayment term for PXS's new loan facility?
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