Endo Finance plc, the financing arm of Endo Group, on Saturday announced that the group has acquired a new vessel, MV Endo Ostro.
The acquisition, pursuant to the successful completion of the appropriate structure and condition inspections in the vessel, was financed through part of the proceeds from a €4.8 million six per cent unsecured and unlisted notes issue maturing in 2027 and a €7 million 7.5 per cent unsecured callable notes issue, also maturing in 2027.
Headquartered in Malta, Endo Group consists of Endo Ventures Ltd as the parent company. Through its portfolio of companies, the group acquires, finances, manages, and charters commercial vessels, as well as provides ship-to-ship and mooring master services.
The acquisition was completed through Endo Group’s subsidiary Endo Ostro Maritime Ltd, which took delivery of the vessel with hull (IMO) number 9393656 on Friday. The vessel has been registered under the Malta flag.
According to Vesselfinder.com, Endo Ostro was built in 2008 and is 101 metres long and 19 metres wide. It was previously called Anuket Jade.
Endo Finance also stated that two mortgages on MV Endo Ostro were registered in the Malta ship registry in favour of Onyx Trustees Limited in its capacity as trustee of Endo Trust II for the benefit of holders of the two note issues.
This is together with other collateral rights named in the prospectus in favour of Onyx Trustees as security for the payment and performance of the company’s obligations in accordance with and subject to the terms and conditions set in the prospectus for the note issues.
Endo Finance remarked that the full amount of net proceeds from the issues were not required to finance the acquisition of the MV Endo Ostro. This is because the final price agreed upon “was less than that originally anticipated for the vessel.”
As a result, the remaining balance, amounting to around €2.9 million, was not utilised and will hence be used for general corporate funding purposes of Endo Group.
During 2023, Endo Group reported €1.5 million in pre-tax losses , primarily due to two vessel acquisitions, namely that of Endo Ponente and Endo Gregale. These two vessels did not have a full year of operations, resulting in a drop in revenue.
