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Rubico (NASDAQ:RUBI) announced on Nov 12, 2025 that it closed sale-and-leaseback financings for its two 157,000 dwt Suezmax tankers, M/T Eco West Coast and M/T Eco Malibu, with a major Chinese financier.
Key terms: gross cash released of about $10.4 million after repayments and fees; two SLBs of $42.0 million each; 10-year bareboat charters with 120 monthly installments of $0.18M (Eco West Coast) and $0.19M (Eco Malibu); purchase obligations of $20.0M and $19.0M at charter expiry; interest at 3-month SOFR plus margins of 1.95% and 2.10%.
The company noted fleet leverage post-refinancing near 50%. Rubico and parent Top Ships provided guarantees; the agreements include customary covenants, cross-default provisions, and minimum liquidity requirements of $0.40M and $0.50M.
Rubico (Nasdaq: RUBI) priced an underwritten public offering of 12,315,270 units at $0.609 per unit. Each unit includes one common share and one Class A warrant exercisable for one common share; warrants expire one year from issuance and are immediately exercisable at $0.609 with scheduled adjustments on the fourth and eighth trading days to 70% and 50% of the initial exercise price, respectively. The company expects gross proceeds of approximately $7.5 million before fees and anticipates closing on or about November 6, 2025, subject to customary conditions. Prior to closing the company expects 5,297,366 common shares outstanding. Maxim Group LLC is sole book-running manager and underwriters have a 45-day option to purchase up to an additional 1,847,290 shares and/or warrants.
Rubico (NASDAQ:RUBI) has successfully completed its spin-off from Tops Ships Inc. as of August 1, 2025. The company's shares began trading on the Nasdaq Capital Market on August 4, 2025, under the ticker symbol "RUBI".
Investors can access detailed information about Rubico and the spin-off transaction through the company's Form 20-F registration statement, available on the SEC website and Rubico's investor relations page.
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