TOP Ships secures $15m loan facility

TOP Ships secures $15m loan facility

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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