MR tanker specialist TOP Ships has entered been given a $15m unsecured revolving credit facility by Family Trading, a company affiliated with president and CEO Evangelos J. Pistiolis.
The facility may only be used to fund the company’s newbuilding program and for working capital related to operating vessels, and the loan is to be repaid by the end of 2016 with an extension available for a further year at the option of TOP Ships.
As part of the agreement, Family Trading will also assume company liabilities of around $3.8m that are immediately due in exchange for 13,558,169 common shares of the company. TOP Ships has the right to buy back up to 60% of the shares at any time until until the end of 2016.
