Toro Corp. (NASDAQ: TORO) signed a $60 million revolving credit facility with a European financial institution, the energy transportation services provider announced.

The facility has a five-year term and bears interest at Term SOFR plus a margin. The credit line will be secured by first priority mortgages on four of the company's vessels, according to the press release.

Toro plans to use the net proceeds for general corporate purposes. The company operates a fleet of oceangoing vessels comprising two LPG carriers and one MR tanker that transport petrochemical gases and refined petroleum products globally.

The Marshall Islands-incorporated company trades on the Nasdaq Capital Market under the symbol TORO.