TOP Ships announces vessel refinancings, redemption of preferred shares

TOP Ships has entered into five sale and leaseback financing agreements with three major Chinese financiers for the refinancing of two 157,000 dwt Suezmax tankers, the M/Ts Eco West Coast and Eco Malibu, two 300,000 dwt VLCC tankers, the M/Ts Julius Caesar and Legio X Equestris and one 50,000 dwt MR product tanker, the M/T Eco Marina Del Ray. The proceeds after repayment of previous debt of the already-concluded financings amounted to $47.9 million, $43.9 million of which was used to fully redeem the Company’s outstanding Series F perpetual preferred shares, held by a related party, pursuant to their terms. The Company expects significant cashflow savings following the full redemption of the Series F perpetual preferred shares that carried a dividend of 13.5% per annum and 36,596,274 votes. The redemption of the Series F perpetual preferred shares was approved by the independent members of the board of directors.