Capital Product Partners and Crude Carriers become One and Divide the Spoils, So to Speak

Last week, the acquisition of Crude Carriers Corp. (“Crude”) by Capital Product Partners L.P. (“CPLP”) was concluded with Crude becoming a wholly owned subsidiary of CPLP. Conveniently, the partnership was able to refinance Crude’s outstanding debt of $134.6 million by utilizing its existing $360 million revolving credit facility entered into in March 2008, which is non-amortizing until June 2013. Given the low gearing on the Crude vessels this was a no brainer.

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