Rickmers Maritime Trust said it plans to raise approximately $81.5 million from a rights issue to repay bank loans, including a top-up facility granted in 2008.
The Singapore-based trust also announced it has secured an extension of a value-to-loan covenant waiver granted by its nine leading banks through December 2014.
The rights issue, which is offered on a 1-for-1 basis, is priced at 24 Singapore cents a unit, a 33.3 percent discount to the last traded unit price of 36 cents on March 18.
The extended covenant waiver is conditional on the rights issue being launched within six months from May 15, 2013.
Assuming the issue is fully subscribed, the full repayment of the top-up loan facility will reduce Rickmers’ value-to-loan ratio to 110 percent from 133 percent.
“This transaction gives Rickmers Maritime a stronger financial position to take advantage of the recovery in the [container] market,” said Rickmers CEO Thomas Preben Hansen.
The company’s net profit slumped 32 percent in 2012 from the previous year to $27.6 million and charter revenue was 3 percent lower at $144.3 million.
Rickmers’ 16 container ships are on fixed-rate time charters to leading ocean carriers.