Capital Product Partners L.P. Completes Acquisition of the M/T 'Anikitos'
May 07 2018 - 9:00AM
Capital Product Partners L.P. (the "Partnership") (NASDAQ:CPLP)
today announced that it has completed the previously announced
acquisition of the M/T 'Anikitos', an eco-type MR product tanker
(50,082 dwt IMO II/III Chemical Product Tanker built 2016, Samsung
Heavy Industries (Ningbo) Co., Ltd.) for a total consideration of
$31.5 million from Capital Maritime & Trading Corp. (“Capital
Maritime”). The Partnership funded the acquisition of the M/T
'Anikitos' with the net proceeds received from the sale of the M/T
'Aristotelis', available cash and the assumption of a term loan
under a credit facility with ING Bank NV of approximately $15.6
million. The term loan is non-amortizing for a period of two years
from the anniversary of the dropdown with an expected final
maturity date in June 2023 and bears interest at LIBOR plus a
margin of 2.50%. The term loan is subject to ship finance covenants
similar to the covenants applicable under our existing facilities.
The M/T 'Anikitos' is currently employed by
Petróleo Brasileiro S.A. ("Petrobras"), at a gross daily rate of
$15,300 with earliest charter expiry in June 2020. The charterer
has the option to extend the time charter for eighteen months
(+/-30 days) at the same gross daily rate.
Mr. Jerry Kalogiratos, Chief Executive Officer of the
Partnership's General Partner, commented:
"We are pleased to have completed the acquisition of the M/T
'Anikitos', soon after the sale of the M/T 'Aristotelis' and thus
replacing her with a younger, second generation eco MR product
tanker, with long term employment in place, in line with our long
term goal of replenishing our fleet and improving cash flow
visibility to our unitholders.”
About Capital Product Partners L.P.
Capital Product Partners L.P. (NASDAQ:CPLP), a
Marshall Islands master limited partnership, is an international
owner of tanker, container and drybulk vessels. The Partnership
currently owns 37 vessels, including twenty-one modern MR (Medium
Range) product tankers, four Suezmax crude oil tankers, one Aframax
crude/product oil tanker, ten Neo Panamax container vessels and one
Capesize bulk carrier. Its vessels trade predominantly under period
charters to CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A.
(Total S.A.), Flota Petrolera Ecuatoriana, Hyundai Merchant Marine
Co. Ltd., International Seaways, Inc., Louis Dreyfus Company
Suisse S.A, Mediterranean Shipping Company Co. S.A., Pacific
International Lines, Petróleo Brasileiro S.A., Repsol Trading S.A.,
Tesoro Far East Maritime Company (‘Tesoro’), Shell Tankers
Singapore Private Limited and Capital Maritime.
For more information about the Partnership,
please visit our website: www.capitalpplp.com.
Forward-Looking Statements
The statements in this press release that are
not historical facts may be forward-looking statements (as such
term is defined in Section 21E of the Securities Exchange Act of
1934, as amended). These forward-looking statements involve risks
and uncertainties that could cause the stated or forecasted results
to be materially different from those anticipated. Unless required
by law, we expressly disclaim any obligation to update or revise
any of these forward-looking statements, whether because of future
events, new information, a change in our views or expectations, to
conform them to actual results or otherwise. We assume no
responsibility for the accuracy and completeness of the
forward-looking statements. We make no prediction or statement
about the performance of our common units.
CPLP-F
Contact Details:
Capital GP L.L.C.Jerry
KalogiratosCEO Tel. +30 (210) 4584 950 E-mail:
j.kalogiratos@capitalpplp.com
Investor Relations /
MediaNicolas BornozisCapital Link, Inc. (New York)Tel.
+1-212-661-7566E-mail: cplp@capitallink.com
Source: Capital Product Partners L.P.
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