Top Ships Agrees to Enter Into a $12.5 Million Note Purchase Agreement with Option for Additional $5 Million
November 10 2017 - 9:00AM
TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company
(the “Company”), announced today that it has agreed in principle to
enter into a note purchase agreement for the issuance of a
revolving promissory note with Crede Capital Group LLC, a Delaware
limited liability company, in the original principal amount of
$12.5 million with a single revolving option for an additional $5.0
million note (the “Notes”). The Notes will have a 2-year term and
will bear interest at 2% per annum for the first 90 days, 10% per
annum for the next 90 days, and 15% per annum for the remaining
duration of the term. The Notes will be pre-payable at the election
of the Company at any time, will not be convertible into equity,
and will begin to amortize upon their six-month anniversary.
Proceeds from the Notes will be used to further expand the
Company’s fleet and for general corporate purposes. This
transaction is subject to customary closing conditions.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning
company.
For more information about TOP Ships Inc., visit
its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
Contacts:
Alexandros TsirikosChief Financial OfficerTOP Ships Inc.1,
Vassilissis Sofias Str. & Meg. Alexandrou Str.151 24, Maroussi,
GreeceTel: +30 210 812 8180Email: atsirikos@topships.org
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