TOP Ships Announces Signing of Commitment Letter for the Financing of Two Vessels

TOP Ships Inc. (TOPS), an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced that it has signed a firm commitment letter with ABN AMRO BANK N.V. for a senior debt facility of up to $42 million to fund the delivery of Hulls S418 and S419 due in Q3 2015 and Q1 2016. The Company’s entry into the loan facility is subject to final documentation and customary closing conditions.

Evangelos Pistiolis, CEO of TOP Ships, stated, “This is a very positive development for the Company. With this commitment letter we have now secured financing for 50\% of our fleet. We intend to continue growing the Top Ships platform via acquisitions on terms that are accretive to our earnings per share. Acquisition targets may include tanker vessels similar to our current fleet and vessels under construction, as well as assets in the offshore oil industry.”

TOP Ships Inc. is an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products.

Top Ships Inc. currently owns one MR tanker, employed on a time charter, and has five newbuilding MRs, which are expected to be delivered to the Company between the first quarter of 2015 and the third quarter of 2016.
Source: TOP Ships