Castor Maritime announces $50M debt financing

Castor Maritime (CTRM) announces the signing of a $50M sustainability-linked senior term loan facility with a European bank. The Facility will be secured by, among others, a first priority mortgage over four of the Company’s dry bulk vessels and will be guaranteed by the Company. The net proceeds from the Facility will be used for general corporate purposes. 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. 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 or 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.