Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (“we”, “our”, “us”, the “Company” or “Pyxis Tankers”), an international shipping company, announced today key strategic and financial actions to further enhance its shareholder value. The Company has entered into an agreement with a group of sellers, including the Company’s Chairman and Chief Executive Officer, Mr.
Eddie Valentis, to acquire, through a joint venture, an eco-efficient Kamsarmax (82,000 dwt), dry-bulk vessel built in 2015 at Jiangsu New Yangzi Shipbuilding fitted with a ballast water treatment system (“the Vessel”). The purchase price of the Vessel, the “Konkar Venture”, is $30.0 million, which, in conjunction with Vessel working capital and transaction fees and expenses, is expected to be funded by $16.
5 million of bank debt, $13.2 million of total cash and the new issuance of $1.5 million of restricted common shares of the Company.
The Company, through the Vessel owning subsidiary, expects to enter into a new 5 year amortizing term loan with one of its existing lenders that will be secured by the Vessel and bears interest at SOFR plus 2.15%. As a further sign of commitment to the Company, entities controlled by Mr.
Valentis have agreed to re-invest $5.9 million in cash for a 40% minority interest in the Vessel owning subsidiary, with the Company owning the 60% majority interest through an investment of $7.3 million in cash and $1.
5 million of restricted common shares of the Company (the .
