NewLead Holdings (NEWL) Enters $57M Sales Agreement for Two Tanker Vesselsl to Convert $18.1M of Debt into Common
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NewLead Holdings Ltd. (Nasdaq: NEWL) announced that the Company entered into an agreement with Piraeus Bank S.A. to proceed with the sale of the two tanker vessels, Hiona and Hiotissa, for an aggregate amount of $57.0 million and to convert, subject to satisfaction of certain conditions precedent by the Company, $18.1 million debt into 22.1 million shares of NewLead's common stock. As a result of this transaction, NewLead will be released from all obligations under the Piraeus Bank credit facility. These transactions are expected to occur in the third quarter of 2012 and are subject to certain conditions.
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