Greek ship owner and operator Euroseas has entered into agreements to acquire four secondhand 4,253 TEU containerships.
As informed, the vessels will be bought from companies controlled by Synergy Holdings Limited for about USD 40 million.
According to Euroseas, the acquisition will be financed by bank debt, existing funds of the company and USD 6 million raised in private placements. As a result of the private placements, the company will have issued approximately 8.45 million new common shares at a price of USD 0.71 per share representing about 19% of the Euroseas’ ownership after the acquisition.
Built in South Korea, the ships in question are the 2009-built Synergy Busan, the 2008-built Synergy Antwerp, the 2009-built Synergy Oakland and the 2009-built Synergy Keelung. The company will also assume the charters the vessels are currently under.
As part of the transaction, the company has agreed to acquire certain management services of Synergy Marine Limited for the next three years. Andreas Papathomas, Chairman of Synergy Holdings Limited, has joined the Board of Directors of Euroseas.
Euroseas has also agreed to issue an additional USD 0.5 million in shares of its common stock to Synergy Holdings Limited if certain conditions are fulfilled in one year.
One of the vessels was handed over to Euroseas on November 18 while the remaining three are expected to be delivered within a week subject to certain closing conditions being met.
As informed, the vessels will be bought from companies controlled by Synergy Holdings Limited for about USD 40 million.
According to Euroseas, the acquisition will be financed by bank debt, existing funds of the company and USD 6 million raised in private placements. As a result of the private placements, the company will have issued approximately 8.45 million new common shares at a price of USD 0.71 per share representing about 19% of the Euroseas’ ownership after the acquisition.
Built in South Korea, the ships in question are the 2009-built Synergy Busan, the 2008-built Synergy Antwerp, the 2009-built Synergy Oakland and the 2009-built Synergy Keelung. The company will also assume the charters the vessels are currently under.
As part of the transaction, the company has agreed to acquire certain management services of Synergy Marine Limited for the next three years. Andreas Papathomas, Chairman of Synergy Holdings Limited, has joined the Board of Directors of Euroseas.
Euroseas has also agreed to issue an additional USD 0.5 million in shares of its common stock to Synergy Holdings Limited if certain conditions are fulfilled in one year.
One of the vessels was handed over to Euroseas on November 18 while the remaining three are expected to be delivered within a week subject to certain closing conditions being met.
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