Toro Corp. Announces the Provision of a Senior Term Loan to Castor Maritime Inc. and the Increase of its Investment in Castor's Series D Preferred Shares Limassol, Cyprus - December 12, 2024 Toro Corp. (NASDAQ: TORO) ("Toro", or the "Company") an international energy transportation services company, announces the agreement to provide a $100 million senior term loan facility to Castor Maritime Inc. (the "Term Loan"). The Term Loan is secured by 10 vessels wholly owned by Castor which are currently valued at approximately $235 million based on third party valuations, has a tenor of 5 years and bears interest at SOFR plus 1.80% per annum. Furthermore, Toro announces that on December 12, 2024, has agreed to increase by 50,000 preferred shares its investment in Castor's 5.00% Series D cumulative perpetual convertible preferred shares, par value $0.001 per share (the "Series D Preferred Shares"), for an aggregate consideration of $50 million in cash. As a result of this transaction Toro will hold 100,000 Series D Preferred Shares in total. Castor is a Nasdaq listed maritime entity, controlled by Petros Panagiotidis, CEO of Toro. The terms of the Term Loan and Series D Preferred Shares were approved by the independent and disinterested members of the Boards of Toro and Castor, respectively, following the negotiation and recommendation by special committees of the independent and disinterested directors of the Boards of Toro and Castor, respectively. The special committee was advised by an independent financial advisor in its negotiation and recommendation of the above-mentioned transactions. About Toro Corp. Toro Corp. is an international energy transportation services company with a fleet of tankers and LPG carriers that carry crude oil, petroleum products and petrochemical gases worldwide. Toro Corp. currently owns a fleet of five vessels with an aggregate capacity of 0.1 million dwt, which consists of one Handysize tanker and four 5,000 cbm LPG carriers. Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol "TORO". For more information, please visit the Company's website at www.torocorp.com. Information on our website does not constitute a part of this press release. Toro Corp., press release ![]() |