Performance Shipping, known formerly as Diana Containerships, has closed an issuance of preferred securities that will give the company a fresh start as a debt-free entity.
The company's Series B-2 preferred warrants, which are exercisable for Series B-2 preferred shares, expired on Sunday in accordance with their terms.
Exercise of the warrants has generated $6.5m in gross proceeds for Performance, according to Simeon Palios, Performance's director, chief executive and chairman.
“After the expiration of the Series B-2 preferred warrants, the company is now set on a new start, as the company’s fleet currently comprises of four unencumbered vessels, with zero debt outstanding," Palios said in a release on Tuesday.
The proceeds come in addition to the $10.5m in cash available to the company as of 31 December, 2018, according to the chief executive.
As of Tuesday, Performance has 26,753,851 issued and outstanding common shares and 2,000 Series B-2 preferred shares issued and outstanding.
The Athens-based boxship company changed its name to Performance last month and continues to be listed on the Nasdaq exchange under its predecessor's ticker, DCIX.
