Pyxis Tankers Inc. Announces Refinancing of Modern Product Tanker

Rhea-AI Summary

Pyxis Tankers Inc. has successfully completed the refinancing of a loan facility for the Pyxis Theta, facilitating $4.1 million in additional net proceeds for working capital. The new five-year secured loan of $15.25 million from Alpha Bank offers a rate of Libor + 3.35% and extends debt maturities, with no senior loan maturities due until February 2023. The company maintains consolidated leverage comparable to peers, signaling financial stability in a challenging market.

Positive

• Successfully secured $15.25 million loan from Alpha Bank with favorable terms.
• Extended debt maturities, easing immediate financial pressures.
• Additional $4.1 million in working capital bolsters operational flexibility.

Negative

• None.

Maroussi, Greece, July 9, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), (the “Company” or “Pyxis Tankers”), a growth-oriented, pure play product tanker company, today announced that it had successfully completed the refinancing of a previous loan facility for the Pyxis Theta. After repayment of existing bank debt, the new 5 year secured loan will provide us $4.1 million of additional net proceeds for working capital purposes.

Valentios Valentis, our Chairman and CEO commented:

“We welcome a new lender to our company, Alpha Bank, which provided us $15.25 million of new secured debt, priced at Libor + 3.35%. Our required scheduled loan amortization remains roughly the same but lengthens our debt maturities. We do not have any senior loan maturities until February, 2023. Our consolidated leverage continues to be comparable to many of our publicly-traded peers.”

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 includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. 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 on our  financial condition and operations and the product tanker industry, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company believes 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 the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable 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 the significance of Pyxis Tankers refinancing its loan for the Pyxis Theta?

The refinancing allows Pyxis Tankers to secure $4.1 million in additional working capital, which is crucial for maintaining operational flexibility.

How much was the new loan secured by Pyxis Tankers?

Pyxis Tankers secured a new loan of $15.25 million from Alpha Bank.

What are the terms of the loan from Alpha Bank to Pyxis Tankers?

The loan is priced at Libor + 3.35% and extends the company's debt maturities.

When are the next senior loan maturities for Pyxis Tankers?

The next senior loan maturities are due in February 2023.