Performance Shipping Inc. announced on June 24, 2025, that it has accepted a commitment letter to refinance its existing loan outstanding of US$29,750,000 with Alpha Bank A.E. This facility is intended to refinance the existing indebtedness secured by the M/T P. Long Beach and the M/T P. Aliki.
The new facility is expected to bear interest at the rate of SOFR plus 1.90% per annum. It will be repayable in twenty consecutive quarterly installments of US$1,050,000 each, with a balloon payment of US$8,750,000 due in mid-2030.
The company expects its financing costs to be significantly reduced, with average payable margins decreasing by 23% compared to the existing loan agreements. Additionally, the refinancing will extend loan maturities by more than two and a half years, ensuring no substantial debt maturities prior to mid-2030.
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