Performance Shipping Extends Nordea Loan Maturity, Cuts Interest Rate to 1.60%
PSHG is trading near its 52-week low of $1.605 (3.4% above the low).
Summary
Performance Shipping Inc. secured a two-year extension for its Nordea Bank loan facility, pushing out all bank debt maturities until mid-2030. The company also significantly reduced the annual interest margin from 2.50% to 1.60%. This amendment materially enhances financial flexibility and reduces the cost of capital, strengthening the balance sheet. This positive development follows recent strategic moves, including a new time charter extension and amendments to its $150 million bonds.
At the time of this announcement, PSHG was trading at $1.66 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $20.6M. The 52-week trading range was $1.61 to $2.58. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.