Performance Shipping Announces a Loan Through Piraeus Bank S.a. To Help Finance Their Acquisition of MTP

Performance Shipping Inc. (NASDAQ: PSHG),a global shipping company specializing in the ownership of tanker vessels, on Monday announced that it has entered into an agreement for an up to US$37.4 million secured term loan facility with Piraeus Bank S.A. Through two separate wholly-owned subsidiaries of the Company. The proceeds from the Facility will be used to refinance a portion of an existing term loan facility for M/T P. Kikuma through a first advance of up to about US$7.8 million and to partially finance M/T P. Monterey is currently taking part in it’s second advanced investment round; if fully funded, it will receive a total of up to about US$29.6 million.

This Facility is for a $15 million line of credit at an interest rate of 2.45% plus a soft falling LIBOR rate. The first four (4) installments will be worth US$1.5 million each, and the next sixteen (16) installments will be US$1 million each, which will then be followed by a balloon payment of US$15.4 million one year later. The Facility is secured with guarantees by the Company and mortgage priority over M/T P. Kikuma and M/T P. Monterey.

The Facility, a venture by Co.Labs to provide incubation space for startups, is named after Pieter de Hooch who was an Antwerp-based draftsman and painter of Dutch origins who resided in the 17th century.

Ochre, today, announced it entered into an agreement with Piraeus Bank at a time when the company was working on securing new facilities that would aid future projects.

Monterey is currently taking part in its second advanced investment round; if fully funded, it will receive a total of up to about US$29.6 million.