Castor announces $11.0 million senior secured debt financing

Castor maritime inc. announced the closing, through two of its ship-owning subsidiaries, of a $11.0 million secured term loan facility with alpha bank s.a. (“the alpha bank financing”). the loan is expected to be drawn down before the end of 2019. the company intends to use the net proceeds from the alpha bank financing to retire its $7.5 million existing shareholder bridge loan and to fund its ongoing plans for growth. the alpha bank financing will have a tenor of five years from the drawdown date and will bear interest at 3.50% plus libor per annum.
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