The company explained that the financing was closed with simultaneous interest rate reduction of 0.5% for all other existing loans and the redemption of approximately USD 11.7 million of value, or about 59.4%, of its outstanding Series B Preferred Shares with simultaneous reduction of 4% of the dividend rate for the USD 8 million value of preferred shares remaining outstanding until January 2021.
The transactions reduced Euroseas’ overall leverage of combined debt and preferred equity and reduced its interest and preferred dividend expenses by around USD 1.4 million per year.
