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Castor Maritime Takes Delivery of the MV Magic Moon

Logistic News - Published on Fri, 01 Nov 2019

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Global shipping company specializing in the ownership of dry bulk vessels Castor Maritime Inc announced that in connection with a previously announced Memorandum of Agreement dated October 14, 2019, it has taken delivery, through one of its wholly-owned subsidiaries, of the MV Magic Moon.

The Magic Moon Acquisition was financed using a combination of cash on hand and the proceeds from a $7.5 million interest free unsecured bridge loan, which was provided to the Company by an entity controlled by Petros Panagiotidis, Castor’s Chairman, Chief Executive Officer and Chief Financial Officer (the “$7.5 Million Bridge Financing”). The $7.5 Million Bridge Financing, maturing on December 31, 2019, allowed the Company to purchase the vessel immediately while assessing financing options for its fleet. The Company has received an Offer Letter from a first class Bank for a 5-year term loan, which is expected to be entered into by the end of the year, subject to normal closing conditions.

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Posted By : Rabi Wangkhem on Fri, 01 Nov 2019
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