Castor Maritime strikes for $41m term loan to 'fund growth plans'

New York-listed Castor Maritime, best known for issuing massive amounts of equity to fund its staggering growth, is now adding a significant debt facility to its quiver.

The Petros Panagiotidis-led owner of bulkers and tankers said it had forged the $40.75m, five-year term loan with an existing lender, which it identified only as a European bank.

The facility carries a margin of 310 basis points over Libor, and is secured by four Castor bulkers: the 83,300-dwt Magic Thunder and 74,900-dwt Magic Eclipse (both built 2011) and the 80,200-dwt Magic Twilight and Magic Nebula (both built 2010).