Toro Corp. (NASDAQ: TORO) signed a $60 million revolving credit facility with a European financial institution, according to a company statement. 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. Toro plans to use the proceeds for general corporate purposes.

Toro Corp. operates as an energy transportation services provider with a fleet of oceangoing vessels. The company's fleet includes two LPG carriers and one MR tanker vessel that transport petrochemical gases and refined petroleum products globally.

The company is incorporated in the Marshall Islands and trades on the Nasdaq Capital Market under the ticker TORO.