Capital Product plans credit facility drawdown to acquire vessels

By Wendy Van Sickle

Columbus, Ohio, June 16 – Capital Product Partners LP plans to draw down on its senior secured credit facility to partly fund its acquisition of three vessels from Capital Maritime, according to a company press release.

The company said it plans to purchase two new eco-flex, wide beam container ships, to be delivered in August and November, and a new product tanker, to be delivered at the end of this month, from Capital Maritime and Trading Corp. with drawdowns under its ING credit facility as well as proceeds of previously completed equity offerings and cash on hand.

The company also recently drew down $40.75 million on its senior credit facility to partly fund its $81.5 million acquisition of the vessel Akadimos, a wide beam container ship from Capital Maritime that was delivered Thursday. The rest of that purchase price also came from cash and previously completed equity offerings.

Capital Product is an Athens, Greece-based tanker company that transports crude oil and refined petroleum products, edible oils and soft chemicals.

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