Performance Shipping (PSHG) has accepted a commitment letter whereby it intends to enter into an agreement for a refinancing of the existing loan outstanding of $29,750,000 with Alpha Bank through two separate wholly-owned subsidiaries 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 refinance in full the existing indebtedness maintained with Alpha Bank and secured by the M/T P. Long Beach and the M/T P. Aliki. This Facility shall bear interest at the rate of SOFR plus 1.90% per annum . The Facility will be repayable in twenty consecutive quarterly installments of $1,050,000 each, and concurrent with the twentieth quarterly installment, the Company will owe a balloon payment of $8,750,000 in mid-2030.
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