Capital Product Partners will acquire from its parent sponsor an ice-class aframax currently under charter to refinining giant Andeavor.
The partnership's board of directors approved the acquistion of the 112,800-dwt Aristaios' (built 2017) for $52.5m from Capital Maritime & Trading.
The Aristaios is an eco-type, Ice Class 1C aframax. It is chartered for another four years to Tesoro Far East Maritime at a gross daily rate of $26,400.
The Jerry Kalogiratos-led partnership says the acquisition will be funded from $24.2m cash on hand and a term loan of $28.3m under a credit facility with Credit Agricole and ING Bank,
The term loan bears interest at Libor plus a margin of 2.85% and is payable in twelve consecutive semi-annual installments of approximately $1m starting in July, plus a balloon payment and last semi-annual installment due in January 2024.
The purchase of the Aristaios was entered into on an arm's length basis and was reviewed and unanimously approved by the conflicts committee of our board of directors and our entire board of directors.
