Performance Shipping Inc. , a global shipping company specializing in the ownership of tanker vessels, announced that it has accepted a commitment letter whereby it intends to enter into an agreement for a new term loan facility of up to US$18,250,000.00 with Alpha Bank A.E. through a separate wholly-owned subsidiary of the Company.
This Facility is subject to the completion of customary closing conditions and the execution of a final loan agreement by the Company and its lenders. Proceeds from the Facility will be used to finance up to 50% of the purchase price of the previously announced vessel the Company has agreed to acquire, the M/T Alpine Amalia, to be renamed P. Aliki. This Facility shall bear interest at the rate of SOFR plus 2.60% per annum.
The Facility will be repayable in twenty (20) consecutive quarterly installments of US$500,000.00 each, and concurrent with the twentieth quarterly installment, the Company will owe a balloon payment of US$8,250,000.00.