Diana Inks Six-year Term Loan Facility

Press release - Diana Containerships Inc. has announced that on September 10, 2015, it signed a six year term loan facility with The Royal Bank of Scotland plc for up to $148 million, which will bear interest at the rate of 2.75 percent over LIBOR.

Yesterday, it completed a drawdown of $122.5 million, secured by the vessels m/v Sagitta, m/v Centaurus, m/v Pucon, m/v YM March, m/v Great, m/v YM Los Angeles, m/v YM New Jersey and m/v Rotterdam. The drawdown amount was used to voluntarily prepay in full the balance of $92.7 million of the existing revolving credit facility with The Royal Bank of Scotland plc and to partially finance the acquisition cost of the m/v Rotterdam.

Separately, the company announced that yesterday, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Maersk Line A/S for one of its Panamax container vessels, the 2010-built 3,426 TEU m/v Centaurus, for a period of minimum 11 months to maximum 18 months.

The new gross charter rate will be $10,875 per day, minus a five percent commission paid to third parties. The new charter period will commence on October 2, 2015. This employment is anticipated to generate approximately $3.59 million of gross revenue for the minimum scheduled period of the charter extension.