Philly Tankers secures equity commitments for purchase of two product tankers
As disclosed in the June 10th announcement, Philly Tankers had successfully secured equity commitments necessary to finance the purchase of two product tankers from AKPS with deliveries in 2016 and 2017, and closing of the transaction had been expected to occur in mid-July, the company said in its press release.
As planned, the conditions precedent to the closing of the transaction, including the execution and delivery of satisfactory definitive documentation and the approval by the general meeting of American Shipping Company of its participation in the transaction, have been satisfied and the transaction is now closed.
In connection with the transaction, AKPS and Philly Tankers, through their subsidiaries, have entered into firm contracts for two eco-design product tanker newbuilds and options for two additional vessels of the same type, as more particularly described in the June 10th announcement.