UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2018
Commission File Number: 001-37889
TOP SHIPS INC.
(Translation of registrant's name into English)
1 VAS. SOFIAS & MEG.
ALEXANDROU STREET
151 24, MAROUSSI
ATHENS, GREECE
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On September 11, 2018, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated September 11, 2018
The information contained in this report on Form 6-K, other than the statements attributed to Mr. Evangelos Pistiolis, is hereby incorporated by reference into the Company's registration statements on Form F-3 (File No. 333-215577) that was filed with the SEC and became effective on February 1, 2017.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TOP SHIPS INC. | ||
| (Registrant) | ||
| Date: September 11, 2018 | /s/ Evangelos J. Pistiolis | |
| Evangelos J. Pistiolis | ||
| Chief Executive Officer | ||
EXHIBIT 99.1
TOP Ships Inc. Announces Credit Committee Approval for up to $92.5 Million in Financing for Two Suezmax Newbuilding Vessels
ATHENS, Greece, Sept. 11, 2018 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels currently focusing on the transportation of petroleum products, announced today that it has obtained non-binding credit committee approval from a major Chinese leasing company for up to $92.5 million via sale and leaseback agreements (the “Financing Agreements”) for its Suezmax newbuilding vessels with hull numbers 874 and 875, currently under construction at Hyundai Samho Heavy Industries Co., Ltd. in South Korea. The Company is currently negotiating the final terms of the Financing Agreements.
Under the proposed terms of the Financing Agreements, the vessels will be sold when they are delivered from the shipyard, which is currently planned for April and May of 2019, respectively. The proposed Financing Agreements include pre and post-delivery financing and have a term of seven years. The Company has continuous options to buy back the vessels after the three year anniversary of each vessel’s delivery up until the expiry of the Financing Agreements.
As previously announced, upon their deliveries the vessels are scheduled to enter into three year time charters with an oil major at a daily charter rate of $25,000 per vessel.
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:
“Successful completion of this transaction would mark two very important milestones; significant reduction of our unfunded capital requirements, as this funding would cover about 84% of the remaining yard installments required in order to take delivery of the Suezmax vessels which are the assets with the most capital requirements in our orderbook, and entry into the Chinese financing market.”
Overview of financing of remaining yard installments:
M/T Eco California (expected delivery January 2019): Pre-delivery loan facility: secured 100% of remaining pre delivery installments / Post-delivery finance: in discussions with various financiers.
M/T Eco Marina Del Ray (delivery March 2019): Pre-delivery loan facility: secured 100% of remaining pre delivery installments / Post-delivery loan facility: in place.
M/T Eco Bel Air (Hull No 874 - delivery April 2019): Pre-delivery loan facility: Credit Committee approval obtained for about 55% of remaining pre delivery installments / Post-delivery loan facility: Credit Committee approval obtained, currently negotiating final terms.
M/T Eco Beverly Hills (Hull No 875 - delivery May 2019): Pre-delivery loan facility: Credit Committee approval obtained for about 55% of remaining pre delivery installments / Post-delivery loan facility: Credit Committee approval obtained, currently negotiating final terms.
Additionally the Company is in discussions with new financiers as well as its existing senior secured lenders for drawing down additional funds from the Company’s outstanding loan facilities that currently have low loan to value ratios, which are secured by the Company’s existing vessels. The Company is also in discussions with its CEO and controlling shareholder, Mr. Evangelos Pistiolis, for an increase in the Family Trading credit line.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
Contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org