Pyxis refinances tanker

Oct 05 2018

Pyxis Tankers has completed the refinancing of a previous loan facility for the 2015-built MR ‘Pyxis Epsilon’.

After repayment of existing bank debt, the new five-year secured loan provided about $7.3 mill of additional net proceeds for general corporate purposes, the company said.

Valentios Valentis, Pyxis Chairman and CEO, commented: "We welcome a new lender to our company. Blue Ocean Maritime funds managed by EnTrustPermal provided us $24 mill of new debt. This loan facility offers us great flexibility through a cash sweep mechanism for principal amortisation over the entire loan period.

“Upon closing, our overall cost of funded debt increased to a weighted average interest rate of 7.8%, while approximately 56% of outstanding funded debt is covered under a long-term fixed interest rate or hedge component. Moreover, the required scheduled amortisation has been reduced and there are no senior loan maturities until four years from now. Consolidated leverage continues to be comparable to our publicly-traded peers," he explained.


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May 2019

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