$TOPS => NEWS: Top Ships Agrees to Enter Into a $
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Posted On: 11/10/2017 9:08:04 AM
$TOPS => NEWS:
Top Ships Agrees to Enter Into a $12.5 Million Note Purchase Agreement with Option for Additional $5 Million
9:00 AM ET 11/10/17 | GlobeNewswire
Top Ships Agrees to Enter Into a $12.5 Million Note Purchase Agreement with Option for Additional $5 Million
ATHENS, Greece, Nov. 10, 2017 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company (the "Company"
, announced today that it has agreed in principle to enter into a note purchase agreement for the issuance of a revolving promissory note with Crede Capital Group LLC, a Delaware limited liability company, in the original principal amount of $12.5 million with a single revolving option for an additional $5.0 million note (the "Notes". The Notes will have a 2-year term and will bear interest at 2% per annum for the first 90 days, 10% per annum for the next 90 days, and 15% per annum for the remaining duration of the term. The Notes will be pre-payable at the election of the Company at any time, will not be convertible into equity, and will begin to amortize upon their six-month anniversary. Proceeds from the Notes will be used to further expand the Company's fleet and for general corporate purposes. This transaction is subject to customary closing conditions.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.
Top Ships Agrees to Enter Into a $12.5 Million Note Purchase Agreement with Option for Additional $5 Million
9:00 AM ET 11/10/17 | GlobeNewswire
Top Ships Agrees to Enter Into a $12.5 Million Note Purchase Agreement with Option for Additional $5 Million
ATHENS, Greece, Nov. 10, 2017 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company (the "Company"
, announced today that it has agreed in principle to enter into a note purchase agreement for the issuance of a revolving promissory note with Crede Capital Group LLC, a Delaware limited liability company, in the original principal amount of $12.5 million with a single revolving option for an additional $5.0 million note (the "Notes". The Notes will have a 2-year term and will bear interest at 2% per annum for the first 90 days, 10% per annum for the next 90 days, and 15% per annum for the remaining duration of the term. The Notes will be pre-payable at the election of the Company at any time, will not be convertible into equity, and will begin to amortize upon their six-month anniversary. Proceeds from the Notes will be used to further expand the Company's fleet and for general corporate purposes. This transaction is subject to customary closing conditions. About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.
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