Toro Corp. Secures $60.0M Revolving Credit Facility

Toro Corp. (NASDAQ: TORO) signed a $60.0 million revolving credit facility with a leading European financial institution. The facility has a five-year tenor and bears interest at Term SOFR plus a margin.

The credit line is secured by, among other items, a first priority mortgage over four of Toro’s vessels. Toro expects to use net proceeds for general corporate purposes.