Toro Corp Secures $60M Five-Year Revolving Credit Facility Secured by Vessels
Toro Corp signed a $60.0 million five-year revolving credit facility secured by first-priority mortgages on four oceangoing vessels and bearing interest at Term SOFR plus a margin. Net proceeds will fund general corporate purposes, enhancing the company’s liquidity for its two LPG carriers and MR tanker operations.
1. Facility Details
Toro Corp signed a $60.0 million revolving credit facility with a leading European financial institution, featuring a five-year tenor and interest set at Term SOFR plus a negotiated margin. The revolving structure offers flexible access to capital over the term.
2. Collateral Structure
The facility is secured by first-priority mortgages on four of Toro’s oceangoing vessels, reinforcing lender security through liens on the company’s modern fleet.
3. Use of Proceeds
Net proceeds from the facility are designated for general corporate purposes, aimed at supporting working capital needs and ongoing operational expenditures across Toro’s energy transportation services.
4. Company Profile
Toro Corp operates a fleet of two LPG carriers and one MR tanker vessel that transport petrochemical gases and refined petroleum products globally. The company is incorporated in the Republic of the Marshall Islands and trades on the Nasdaq Capital Market.