Toro Corp. announced an agreement to provide a $100 million senior term loan facility to Castor Maritime Inc. The loan has a tenor of 5 years and bears interest at SOFR plus 1.80% per annum, secured by 10 vessels wholly owned by Castor, which are valued at approximately $235 million.
Concurrently, Toro increased its investment in Castor's 5.00% Series D cumulative perpetual convertible preferred shares by 50,000 preferred shares. This additional investment of $50 million in cash brings Toro's total holding to 100,000 Series D Preferred Shares.
Both the term loan and the Series D Preferred Shares transactions were approved by the independent and disinterested members of the Boards of Toro and Castor. Castor Maritime Inc. is a Nasdaq-listed maritime entity controlled by Petros Panagiotidis, who is also the CEO of Toro Corp.
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