CPLP - Capital Product Partners L.P. Announces Closing of Transaction to Acquire 11 Newbuild LNG Carriers Pursuant to Umbrella Agreement | Benzinga
ATHENS, Greece, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the "Partnership", "CPLP", or "we"/ "us") (NASDAQ:CPLP) today announced the closing of the umbrella agreement (the "Umbrella Agreement") entered into on November 13, 2023 with Capital Maritime & Trading Corp. ("Capital Maritime") and Capital GP L.L.C. (the "General Partner") providing for the acquisition of 11 newbuild liquefied natural gas carrier vessels ("LNG/C") from Capital Maritime (the "Vessels") for a total acquisition price of $3,130.0 million. Upon the closing of the Umbrella Agreement, CPLP today entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company of the Vessels (the "Vessel SPAs").
Vessel Acquisitions
Each Vessel will have a capacity of 174,000 Cubic Meters and was built or is under construction at Hyundai Heavy Industries Co., LTD and Hyundai Samho Heavy Industries Co. Ltd., South Korea (collectively, "Hyundai").
Today, we closed the acquisition of the vessel-owning company of the LNG/C Amore Mio I concurrently with entry into the applicable Vessel SPA and the LNG/C Amore Mio I was delivered to the Partnership. Upon entry into and closing of the Vessel SPA for the LNG/C Amore Mio I, we paid to Capital Maritime the aggregate acquisition price under the applicable Vessel SPA of $141.7 million.
We expect to close the acquisitions of each of the vessel-owning companies of the LNG/Cs Axios II, Assos, Apostolos, Aktoras, Archimidis and Agamemnon (the "Initial Vessels") upon completion of each Vessel's construction and delivery from the shipbuilder. Upon entry into the Vessel SPAs for the Initial Vessels, we paid to Capital Maritime a deposit in the amount of 10% of the aggregate acquisition price of the Initial Vessels, or $174.4 million, and the remainder with respect to each Initial Vessel will be paid upon delivery of such vessel, which will total $1,569.6 million for all Initial Vessels.
Today, we also closed the acquisitions of 100% of the equity interests in each of the vessel-owning companies of the LNG/Cs Alcaios I, Antaios I, Athlos and Archon (the "Remaining Vessels") concurrently with entry into the Vessel SPAs for the Remaining Vessels. Upon entry into the Vessel SPAs for the Remaining Vessels, we paid to Capital Maritime the aggregate purchase price for the Remaining Vessels of $138.1 million. We have taken over the obligations of the vessel-owning companies under the respective shipbuilding contracts with Hyundai and we expect to pay an additional total amount of $909.9 million to Hyundai in pre-delivery and delivery installments.
$500.0 million Rights Offering and ...