Euroseas Gets Refinance for Two Vessels

Euroseas announced that it has closed the previously announced refinancing of two of its vessels with simultaneous interest rate reduction of 0.5% for all other existing loans and the redemption of approximately $11.7 million of value.

The an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, said that the refinance is equivalent to about 59.4%, of its outstanding Series B Preferred Shares with simultaneous reduction of 4% of the dividend rate for the $8 million value of preferred shares remaining outstanding until January 2021.

The closing of the above transactions reduced Euroseas’ overall leverage of combined debt and preferred equity and reduced its interest and preferred dividend expenses by approximately $1.4 million per year.

Aristides Pittas, Chairman and CEO of Euroseas commented: “We are very pleased to proceed as per our plan in closing the refinancing and redemption transactions. We are looking forward to completing the acquisition and taking delivery of the four feeder containerships we announced last week subject to regulatory approval, including approval from NASDAQ."

He added: "We are excited to position Euroseas as a significant investment option and a publicly listed consolidation platform of the feeder containership sector.”

With the previously announced acquisitions (which are subject to regulatory approval including approval from NASDAQ) Euroseas has a fleet of 15 vessels, including 14 Feeder containerships and 1 Intermediate Container carrier with cargo capacity of 34,071 teu.