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Performance Shipping Inc. Announces Successful Placement of $100 Million Bond Offering

ATHENS, Greece, July 02, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ:PSHG) ("Performance Shipping" or the "Company") announced today that it has successfully placed USD 100 million of bonds in the Nordic bond market. An application will be made for the bonds to be listed on the Oslo Stock Exchange. The new bonds are due to mature in July 2029 and will pay a fixed coupon of 9.875% per annum, payable semi-annually in arrears and were priced at 97% of par. The bonds are secured in part by first priority mortgages over the Company's two oldest tanker vessels, which are presently unencumbered. The offering is expected to close on July 17, 2025, subject to customary closing conditions.

The net proceeds from the bond issue shall be used for tanker acquisitions or bond repurchases.

The bonds as described in this press release will be offered in the United States or its territories only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "U.S. Securities Act"), and sold outside the United States only to non-U.S. persons pursuant to Regulation S under the Securities Act. The bonds will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an ...