TOP Ships Agrees Promissory Note


TOP Ships, an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced that it has agreed to enter into a Note Purchase Agreement with Xanthe Holdings Ltd. (“Xanthe”), an unaffiliated party, pursuant to which the Company will issue an unsecured promissory note in the original principal amount of $5,000,000 to Xanthe.

Proceeds from the note will be used by the Company for general corporate purposes including further asset acquisitions.

The transaction is subject to customary closing conditions.



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