Pyxis Tankers Announces Acceptance of Loan Refinancing Letter of Product Tanker

Rhea-AI Summary

Pyxis Tankers, a product tanker company, announced a secured term loan facility of up to $15.5 million from Piraeus Bank, with an interest rate of Term SOFR plus 2.7%. The facility is set to refinance existing debt on the Pyxis Karteria and support corporate needs, to be completed by the end of February 2023. CEO Valentios Valentis expressed confidence in this new banking relationship, emphasizing a 210 basis points savings in interest and improved debt maturity profile. The company aims for fleet growth and operational flexibility in its tanker management strategy.

Positive

• Secured a $15.5 million loan facility, improving liquidity.
• Interest rate margin savings of 210 basis points for the loan.
• Enhanced overall average debt maturities.

Negative

• None.

Maroussi, Greece, February 10, 2023 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), an international pure play product tanker company, today announced that through a wholly-owned subsidiary, it had accepted a letter agreement for a secured term loan facility of up to $15.5 million from Piraeus Bank S.A. (the “Facility”) with an interest rate of Term SOFR plus 2.7% that is repayable over 5 years on a quarterly basis. The proceeds from the Facility will be used to refinance the existing debt secured by the Pyxis Karteria, our 2013 built, 46,652 dwt. MR2 product tanker, and for other corporate purposes. The Facility is subject to the completion of customary closing conditions and the execution of final loan documentation and is expected to close by the end of February 2023.

Valentios Valentis, our Chairman and CEO commented:

“We are very pleased to start a new banking relationship with Piraeus Bank, which has agreed to provide us with a 5 year loan of up to $15.5 million on attractive terms and standard conditions for our 10 year old vessel. Upon closing, this Facility will provide us a number of important benefits including a) a savings of 210 basis points in interest rate margin and b) lengthening our overall average debt maturities.”

About Pyxis Tankers Inc.

We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships, and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this report.

Forward Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 applicable securities laws. The words “expected’’, “estimated”, “scheduled”, “could”, “should”, “anticipated”, “long-term”, “opportunities”, “potential”, “continue”, “likely”, “may”, “will”, “positioned”, “possible”, “believe”, “expand” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, are intended to identify forward-looking information or statements. But the absence of such words does not mean that a statement is not forward-looking. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 or any variant thereof, or the war in the Ukraine, on our financial condition and operations and the product tanker industry in general, are forward-looking statements. Forward-looking information is based on the opinions, expectations, and estimates of management of Pyxis Tankers Inc. (“we”, “our” or “Pyxis”) at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Although we believe that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, those are not guarantees of our future performance and you should not place undue reliance on the forward-looking statements and information because we cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results and future events could differ materially from those anticipated or implied in such information. Factors that might cause or contribute to such discrepancy include, but are not limited to, the risk factors described in our Annual Report on Form 20-F for the year ended December 31, 2021 and our other filings with the Securities and Exchange Commission. The forward-looking statements and information contained in this presentation are made as of the date hereof. We do not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with U.S. federal securities laws and other applicable securities laws.

Company

Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

FAQ

What is Pyxis Tankers' new loan facility amount?

Pyxis Tankers has secured a loan facility of up to $15.5 million.

Which bank provided the loan facility to Pyxis Tankers?

The loan facility was provided by Piraeus Bank.

What will the proceeds of the loan be used for?

The proceeds will refinance existing debt on the Pyxis Karteria and for other corporate purposes.

When is the expected closing date for the loan facility?

The loan facility is expected to close by the end of February 2023.

What is the interest rate for the new loan facility?

The loan facility comes with an interest rate of Term SOFR plus 2.7%.