Shipowner Petros Panagiotidis’ bulker company Castor Maritime has sold $50m of preferred stock to its tanker spin-off Toro Corp.
The Nasdaq-listed sister companies, which are both based in Cyprus, said the deal was completed on 7 August at $1,000 for each of 50m series D shares.
The shares will pay a 5% coupon each quarter and can be converted into Castor common shares after a year.
