The Facility has a tenor of five years and bears interest at a rate of Term SOFR plus a margin, which may be adjusted based on the Company's performance against certain sustainability-linked targets.
Full Redemption of 8.75% Series E Cumulative Perpetual Convertible Preferred Shares
The Company announces that on October 13, 2025, the Company and Toro Corp. ("Toro") agreed to the full redemption of 60,000 shares of the 8.75% Series E Cumulative Perpetual Convertible Preferred Shares (the "Series E Preferred Shares") for a cash consideration equal to the stated amount of the Series E Preferred Shares plus 0.523% thereof, including accrued and unpaid distributions. Following the full redemption, such Series E Preferred Shares shall be cancelled and will no longer remain outstanding.
Toro is a public company listed on the Nasdaq Capital Market. Toro's Chairman and Chief Executive Officer is also the Company's Chairman, Chief Executive Officer and Chief Financial Officer.
The foregoing full redemption of the Series E Preferred Shares and its terms were approved by the board of directors of Castor and Toro at the recommendation of their respective special committees of disinterested and independent directors who negotiated the redemption.
About Castor Maritime Inc.
Castor Maritime Inc. is a diversified global shipping and energy company, with activities directly and indirectly in asset management, vessel ownership, technical and commercial ship management and energy infrastructure projects.
Castor's fleet comprises 9 vessels, with an aggregate capacity of 0.6 million dwt. Castor is also the majority shareholder of the Frankfurt-listed asset manager MPC Münchmeyer Petersen Capital AG.
For more information, please visit the Company's website at www.castormaritime.com. Information on our website does not constitute a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements concerning plans, objectives, goals, strategies, ...
