The Nasdaq-listed company, backed by Evangelos Marinakis, said it would be offering $260m of first-priority ship mortgage debt due in 2022 to institutional investors.
They will be co-issued by CPLP Finance Corporation, a wholly owned subsidiary of CPLP, and backed by 11 vessel-owning subsidiaries.
The company will use the cash, plus a new $260m senior secured credit facility, to pay off existing loans taken out in 2007, 2008 and 2011, as well as for general corporate purposes.
CPLP
