Toro Corp. secures $60M revolving credit line
Toro Corp. has signed a $60.0 million revolving credit facility with a leading European financial institution.
Rhea-AI Filing Summary
Toro Corp. has signed a $60.0 million revolving credit facility with a leading European financial institution. This flexible loan, which can be drawn and repaid as needed, has a five‑year tenor and bears interest at a rate of Term SOFR plus a margin.
The facility will be secured by a first priority mortgage over four of Toro’s vessels, and net proceeds are expected to be used for general corporate purposes. Toro operates a modern fleet of oceangoing vessels, including two LPG carriers and one MR tanker.
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Insights
Toro adds a $60M, five-year revolving credit line secured by four vessels.
The company has obtained a $60.0 million revolving credit facility with a five-year tenor, priced at Term SOFR plus a margin. A revolver generally offers flexible access to debt, allowing repeated drawdowns and repayments within the committed limit.
The loan is secured by first priority mortgages over four vessels, so lenders have strong collateral claims on these assets. Management expects to use net proceeds for general corporate purposes, which could include supporting operations or balance sheet needs; actual usage will become clearer in subsequent disclosures.
Key Figures
Revolving credit facility size: $60.0 million
Facility tenor: five years
Interest benchmark: Term SOFR plus a margin
+3 more
6 metrics
Revolving credit facility size
$60.0 million
Committed amount of new revolving credit facility
Facility tenor
five years
Stated duration of revolving credit facility
Interest benchmark
Term SOFR plus a margin
Pricing basis for facility interest rate
Secured vessels
four vessels
Number of vessels subject to first priority mortgage
LPG carriers in fleet
two LPG carriers
Composition of Toro’s fleet
MR tanker in fleet
one MR tanker
Composition of Toro’s fleet
Key Terms
revolving credit facility, Term SOFR, first priority mortgage, forward-looking statements, +1 more
5 terms
revolving credit facility financial
"today announced the signing of a $60.0 million revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
Term SOFR financial
"bears interest at a rate of Term SOFR plus a margin"
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
first priority mortgage financial
"will be secured by, among others, a first priority mortgage over four of the Company’s vessels"
A first priority mortgage is a loan secured by real estate that has the top legal claim on the property if the borrower defaults, meaning it gets paid before any other debts tied to the same property. For investors, it matters because that top claim lowers the risk of losing money compared with later-ranking loans—similar to standing first in line at a payout; the higher your position, the better your chances of recovering value if the asset is sold.
forward-looking statements regulatory
"Matters discussed in this press release may constitute forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
safe harbor provisions regulatory
"covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act"
Safe harbor provisions are rules or legal protections that shield companies or individuals from certain penalties or liabilities when they follow specific guidelines or procedures. They provide a sense of security, encouraging compliance and innovation by reducing the fear of legal repercussions if they act in good faith. For investors, these provisions help ensure that companies are transparent and accountable without the risk of unfair punishment for honest mistakes.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Toro Corp. (TORO) announce in its latest 6-K filing?
Toro Corp. announced it signed a new $60.0 million revolving credit facility with a leading European financial institution. The facility provides flexible borrowing capacity over five years and is secured by first priority mortgages over four of the company’s vessels.
What are the key terms of Toro Corp.’s $60 million revolving credit facility?
The facility totals $60.0 million, has a five-year tenor, and bears interest at Term SOFR plus a margin. It is secured by first priority mortgages over four Toro vessels, with net proceeds expected to be used for general corporate purposes.
How will Toro Corp. (TORO) use the proceeds from the new credit facility?
Toro Corp. expects to use the net proceeds from the $60.0 million revolving credit facility for general corporate purposes. This broad category can include funding operations, working capital, or other corporate needs, depending on management’s priorities over the facility’s five-year term.
What collateral secures Toro Corp.’s new revolving credit facility?
The revolving credit facility will be secured by first priority mortgages over four of Toro Corp.’s vessels. First priority mortgages give the lending institution senior claims over those ships, strengthening lender protection while leveraging Toro’s asset base to support its financing needs.
What type of business does Toro Corp. (TORO) operate?
Toro Corp. is a global energy transportation services provider operating oceangoing vessels. Its fleet consists of two LPG carriers and one MR tanker that transport petrochemical gases and refined petroleum products worldwide, and its common shares trade on the Nasdaq Capital Market under the symbol TORO.
How does the interest on Toro Corp.’s new facility accrue?
Interest on Toro Corp.’s $60.0 million revolving credit facility accrues at a floating rate of Term SOFR plus a margin. Term SOFR reflects market funding costs, so the company’s interest expense will move with prevailing short-term benchmark rates over the facility’s five-year life.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41561
TORO CORP.
(Translation of registrant’s name into English)
223 Christodoulou Chatzipavlou Street, Hawaii Royal Gardens, 3036 Limassol, Cyprus
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F ☒
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Form 40-F ☐
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INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K as Exhibit
99.1 is a copy of the press release issued by Toro Corp. (the “Company”) on April 2, 2026, announcing the signing of a revolving credit facility.
The information contained in this report on Form 6-K and Exhibit 99.1 attached hereto (other than the section entitled “Management Commentary:”) are
hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-275477 and 333-275478) and Form S-8 (File No. 333-274652 and 333-290645).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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TORO CORP.
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Dated: April 2, 2026
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By:
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/s/ Petros Panagiotidis
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Petros Panagiotidis
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Chairman and Chief Executive Officer
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Exhibit 99.1
Toro Corp. Announces $60.0 Million Revolving Credit Facility
Limassol, Cyprus, April 2, 2026 – Toro Corp. (NASDAQ: TORO), (“Toro” or the “Company”), a global energy transportation services provider, today
announced the signing of a $60.0 million revolving credit facility (the “Facility”) with a leading European Financial Institution. The Facility has a tenor of five years, bears interest at a rate of Term SOFR plus a margin, and will be secured by,
among others, a first priority mortgage over four of the Company’s vessels. The net proceeds from the Facility are expected to be used for general corporate purposes.
About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. The Company’s fleet comprises two LPG carriers and one MR tanker vessel that
transport petrochemical gases and refined petroleum products worldwide.
Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “TORO”.
For more information, please visit the Company’s website at www.torocorp.com. Information on our website does not constitute a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We
intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than
statements of historical facts, including those related to the anticipated use of proceeds of the Facility. We are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors
because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise estimate. Such risks, uncertainties and other factors include, but are not limited to, those factors
discussed under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 and our other filings with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov. Except to the
extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Investor Relations
Toro Corp.
Email: ir@torocorp.com