Pyxis Tankers Announces Delivery of 2017 Built MR Product Tanker & Completion of Debt Financings
Pyxis Tankers Inc., an international pure play product tanker company, announced that pursuant to a previously announced transaction, on December 20, 2021, the Company took delivery of the Pyxis Lamda, a 50,296 dwt medium range product tanker built in 2017 at SPP Shipbuilding in South Korea. The Pyxis Lamda was acquired from an entity related to the family of our Company’s Chairman and Chief Executive Officer, for a purchase price of $32 million (the “Lamda Acquisition”). After her first special survey, the Pyxis Lamda will seek commercial employment in early January, 2022.
On December 20th, the Company also entered into a new $29 million senior loan facility, under which borrowings of (i) $21.68 million were used to finance a portion of the purchase price of Lamda Acquisiton and (ii) $7.32 million were used to refinance the Company’s existing indebtedness secured by the Pyxis Malou.
For additional details about the Lamda Acquisition or the Company’s new $29 million senior bank facility, please see the Company’s press release dated November 15, 2021, entitled “Pyxis Tankers Announces Financial Results for the Three and Nine Months Ended September 30, 2021 & the Acquisition of 2017 Built MR Product Tanker” that was filed with the U.S. Securities and Exchange Commission as an exhibit to the Company’s Form 6-K on November 18, 2021.
Valentios Valentis, Chairman & CEO commented:
“We are pleased to announce the successful delivery of the Pyxis Lamda, which increases our fleet to a total of seven vessels including five modern eco- MR2’s. The addition of this young vessel to our fleet positions the Company to take advantage of an anticipated improving chartering environment within the product tanker sector. Our existing lender, Alpha Bank, has shown a further vote of confidence in Pyxis Tankers by providing an attractive loan at competitive terms including a lower interest rate margin with a reasonable amortization profile over the next five years.”
Pyxis Tankers Inc. Announces Refinancing of Modern Product Tanker
Pyxis Tankers Inc., a growth-oriented, pure play product tanker company, announced that it had successfully completed the refinancing of a previous loan facility secured by the Pyxis Epsilon with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable over 5 years.
Valentios Valentis, our Chairman and CEO commented:
“We are very pleased that we are expanding our relationship with Alpha Bank S.A. which has provided us with an additional $17 million loan on terms and conditions, including quarterly amortization of $300,000, that are similar to the existing loan for our vessel, the Pyxis Theta. This new facility provides us a number of benefits including improving balance sheet leverage, lengthening our average debt maturities and reducing aggregate principal and interest payments. For example, the consolidated weighted average interest rate on our debt has declined from 7.1% in the fourth quarter, 2020 to approximately 5% currently. We do not have any scheduled senior loan maturities for the next two years.”