The proceeds from the Bond Issue, which net of Bond Issue expenses are expected to amount to approximately €13,100,000, will be on-lent to Endo Tankers Ltd by the Issuer pursuant to the Loan Agreement and shall be utilised for the following purposes, in the amounts and order of priority set out below:
i. an amount of circa €8,400,000 of the net Bond Issue proceeds will be used to finance the acquisition of a MR Oil Tanker (45,000 – 50,000 DWT) by Endo Two Maritime Ltd;
ii. an amount of circa €4,200,000 of the net Bond Issue proceeds will be used to finance the acquisition of an Oil Tanker (5,000 – 8,000 DWT) by Endo Three Maritime Ltd;
iii. the remaining balance of circa €500,000 of the net Bond Issue proceeds will be used for general corporate funding purposes of the Endo Group.
