Top Ships sells fleet, plans to buy a new one

SEPTEMBER 6, 2013 — Athens, Greece, headquartered TOP Ships Inc. reports that it has entered into three Stock Purchase Agreements with an affiliate of the AMCI Poseidon investment fund that will see it sell the six single ship subsidiaries that own its five Handymax product tankers and solitary 51,215 dwt bulker.

The fleet is being sold for an aggregate cash consideration of approximately $173 million less approximately $135 million in debt and swap obligations that will be assumed by the buyers.

The deal is subject to approval by the company's shareholders, consents from its bank lenders and charterers and other customary closing conditions.

The parties anticipate that the transactions will close in late October 2013.

The company intends to use the net proceeds of the sale to pay down existing liabilities on its balance sheet and, together with future borrowings, to initiate a program of acquisition of new vessels.