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Castor Maritime Inc. (NASDAQ:CTRM), ("Castor" or the "Company"), a diversified global shipping and energy company, announces the signing of a $50.0 million sustainability-linked senior term loan facility (the "Facility") with a European bank. The Facility will be secured by, among others, a first priority mortgage over four of the Company's dry bulk vessels and will be guaranteed by the Company. The net proceeds from the Facility will be used for general corporate purposes.
The Facility has a tenor of five years and bears interest at a rate of Term SOFR plus a margin, which may be adjusted based on the Company's performance against certain sustainability-linked targets.
Posted In: CTRM
