ATHENS, Greece, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Icon Energy Corp. ("Icon" or the "Company") (NASDAQ:ICON), an international shipping company that provides worldwide seaborne transportation services for dry bulk cargoes, today announces:
a cash dividend of $0.08 per common share for the second quarter of 2024;
entering into a financing term sheet in connection with the acquisition of a Kamsarmax dry bulk carrier that we previously announced on August 8, 2024; and
certain preliminary unaudited interim financial results for the six-month period ended June 30, 2024.
Quarterly Cash Dividend
Consistent with our policy to pay quarterly cash dividends on our common shares during the one-year period following our initial public offering in an aggregate amount of approximately $500,000, Icon's Board of Directors has approved a cash dividend of $0.08 per common share ($116,000 in aggregate) for the second quarter of 2024.
The cash dividend will be paid on or around September 30, 2024, to all of our common shareholders of record as of September 15, 2024.
Financing Update
We have entered into a non-binding term sheet (the "Term Sheet") with a leading international financial institution (the "lender") for a new senior secured credit facility in an aggregate amount of up to $16 million (the "New Credit Facility"). If completed, the proceeds of the New Credit Facility are expected to be used to (a) finance a portion of the purchase price of our previously-announced acquisition of a Kamsarmax dry bulk carrier and (b) leverage our existing Panamax dry bulk carrier, M/V Alfa.
Pursuant to the Term Sheet, the lender may also make available to us an additional aggregate amount of up to $75 million to finance future vessel acquisitions. This amount will remain uncommitted and equally, we will not be obliged to borrow this amount, or any part thereof, and we will not be charged any associated commitment or other fees.
We expect that the New Credit Facility will be secured by, among other things, a first priority cross-collateralized mortgage on the vessels, a first priority assignment of earnings and insurances, and a pledge of the earnings accounts for such vessels. We also expect that the New Credit Facility will contain financial and other covenants customary for ...
