Performance Shipping signs new loan facility with Piraeus Bank for financing tanker acquisition

• Performance Shipping (NASDAQ:PSHG) through its two separate wholly-owned subsidiaries entered into an agreement for a new amortizing term loan facility of up to ~$31.9M with Piraeus Bank.
• Proceeds from the facility will be used to refinance ~$7.3M of the existing term loan facility with Piraeus Bank secured by the M/T P. Yanbu and to partially finance the earlier-announced acquisition of the company’s sixth Aframax tanker vessel, to be renamed M/T P. Sophia, through a second advance of up to ~$24.6M.
• The company expects to take delivery of the M/T P. Sophia as early as next week and look forward to generating strong cashflows with its expanded fleet.
• The facility will be repayable in 12 consecutive quarterly installments of $0.8M each, and a balloon installment of $15.9M payable concurrent with the 20th quarterly installment.