TOP Ships redeems outstanding series F preferreds for $43.9 million

By Marisa Wong

Los Angeles, Feb. 7 – TOP Ships Inc. fully redeemed outstanding its series F perpetual preferred shares, according to a press release.

The company used $43.9 million of the proceeds raised from five sale and leaseback financing agreements to fund the redemption.

The company expects significant cashflow savings following the full redemption of the series F perpetual preferreds, which were held by a related party.

The owner and operator of tanker vessels is based in Marousi, Greece.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.