Castor Maritime, a diversified global shipping and energy company, announces the signing of a $50.0 million sustainability-linked senior term loan 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.
Full Redemption of 8.75% Series E Cumulative Perpetual Convertible Preferred Shares
The Company announces that on October 13, 2025, the Company and Toro Corp. agreed to the full redemption of 60,000 shares of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares (the “Series E Preferred Shares”) for a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions. Following the full redemption, such Series E Preferred Shares shall be cancelled and will no longer remain outstanding.
Toro is a public company listed on the Nasdaq Capital Market. Toro’s Chairman and Chief Executive Officer is also the Company’s Chairman, Chief Executive Officer and Chief Financial Officer.
The foregoing full redemption of the Series E Preferred Shares and its terms were approved by the board of directors of Castor and Toro at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption.