Resulting in debt write-off of $4.3 million
Maroussi, Greece - Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS) (the "Company" or "Pyxis Tankers"), an emerging growth pure play product tanker company, announced today that it completed the refinancing of $26.9 million of outstanding loans with a new 5 year loan facility of $20.5 million and cash of $2.1 million, and agreed with its prior lender to write-off the remaining balance of approximately $4.3 million. Storm Harbour LLP acted as advisor for the new bank facility.
- Lowering financial leverage by the realization of a $4.3 million gain from debt extinguishment, resulting in a proportional increase in stockholders' equity
- Increasing our net asset value by approximately 10%
- Extending individual ship loan maturities by almost 3 additional years
- Lowering break-even levels for the refinanced vessels
- Improving net working capital
- Reducing required consolidated minimum liquidity
- Creating a new commercial banking relationship.