Limassol 29 July 2026
Pelagic Credit Plc (the "Company") is pleased to announce that it has entered
into definitive agreements for a sale-and-leaseback investment comprising three
handysize bulk carriers (the "Vessels"), with an aggregate transaction value of
US$ 47.4 million.
The investment represents Pelagic Credit's first transaction in the dry bulk
sector, further diversifying the Company's portfolio while expanding its
exposure to long term contracted cash flows supported by high quality
counterparties. The transaction is expected to deliver attractive risk adjusted
returns consistent with the Company's investment criteria while supporting the
Company's ability to generate stable distributable cash flows in line with its
quarterly dividend policy.
The transaction substantially reflects the investment opportunity presented as
Project Holly in the Company's IPO Information Memorandum and provides enhanced
commercial terms, including longer contracted employment, a lower net capital
requirement and an extension option aligned with the underlying time charter.
C. Tobias Backer, Chief Executive Officer of Pelagic Credit Plc, commented:
"We are pleased to execute another investment that demonstrates our disciplined
commitment to the strategy presented at the IPO. The transaction combines
long-term contracted cash flows, strong counterparties and further portfolio
diversification, while supporting Pelagic Credit's long-term growth and
dividend-paying capacity."
The transaction is structured as a sale-and-bareboat financing whereby the
Company will acquire the Vessels and immediately charter them back to a wholly
owned subsidiary of the Hartmann Group under a come-hell-or-high-water bareboat
charter for a firm period of seven years. The charter includes an option for the
charterer to purchase the Vessels after five years and a purchase obligation at
maturity.
The Vessels are further employed by the Hartmann Group under long-term time
charters with a leading dry bulk shipping company. As the bareboat charterer is
with a subsidiary of the Hartmann Group, the transaction constitutes a related
party transaction and has been entered into on arm's-length commercial terms in
accordance with the Company's related-party governance procedures.
The transaction is expected to increase the Company's total contracted gross
bareboat charter backlog by approximately US$ 107.1 million (firm) and US$ 115.6
million (including options) following closing.
The Company intends to finance the investment post-closing through a senior
secured credit facility, reducing its net capital investment to approximately
US$ 10.5 million.
The transaction is expected to close in the coming days, subject to customary
closing conditions.
For further information, please contact:
C. Tobias Backer
Chief Executive Officer
tobias@pelagic-credit.com
+357 97 771 170 / +44 7799 815 020 / +1 917 207-8680
This information is considered to constitute inside information pursuant to the
EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act.
rements\
pursuant to section 5-12 of the Norwegian Securities Trading Act.\