Capital Product Partners L.P. Agrees to Issue 9.1 Million Class B Convertible Preferred Units and Reaches Agreement to Acquire Two 5,023 TEU High Specification Container Vessels With 12 Year Employment at $29,350 per Day
The Class B Preferred Units are convertible at any time into common units of the Partnership ("Common Units") on a one-for-one basis. The Class B Preferred Units will pay a fixed quarterly distribution of
The Partnership intends to use the net proceeds from the issuance of the Class B Preferred Units together with approximately
"We are very pleased to have concluded this important transaction for the Partnership, as it offers long term cash flow visibility to our shareholders, further diversifies our revenue stream with the addition of HMM to our charterers, and we believe, will further underpin our existing distribution level and allow for distribution growth ahead. In addition, we acquire two state of the art, eco type, wide beam, fuel efficient newbuilding container vessels built in one of the best shipyards in the world to very high specification," said Mr.
We expect the transaction to complete by the end of
Evercore Partners acted as exclusive placement agent in connection with the issuance of the Class B Preferred Units.
Definitive agreements related to this transaction will be filed with the
Neither the Class B Preferred Units nor the Common Units into which they are convertible have been registered under the Securities Act of 1933 (the "Securities Act"), or any state securities laws, and they may not be offered or sold in
Conference Call and Webcast:
On
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-(866) 966-9439 (from the US), or +(44) 1452 555 566 (from outside the US). Please quote "
A replay of the conference call audio will be available by utilizing the webcast link on the Partnership's website, at www.capitalpplp.com.
Audio Webcast:
There will also be a simultaneous live webcast over the Internet, through the
Forward-Looking Statements:
The statements in this press release that are not historical facts, including our expectations regarding the transactions and their effects on the Partnership, our annual distribution guidance, distribution growth, the expected delivery dates and charter rates for our purchased vessels, and our ability to pursue growth opportunities, may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our Common Units.
About
For more information about the Partnership, please visit our website: www.capitalpplp.com.
CPLP-F
Contact Details:Capital GP L.L.C. Ioannis Lazaridis CEO and CFO +30 (210) 4584 950 E-mail: i.lazaridis@capitalpplp.comCapital Maritime & Trading Corp. Jerry Kalogiratos Finance Director +30 (210) 4584 950 E-mail: j.kalogiratos@capitalpplp.com Investor Relations / MediaMatthew Abenante Capital Link, Inc. (New York ) Tel. +1-212-661-7566 E-mail: cplp@capitallink.com
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