Edward Jackson

Timothy Wojs

Eric Bosshard

David Macgregor

David S. MacGregor

Michael Shlisky

Sam Darkatsh

Joshua Wilson

- Castor Maritime Inc. has signed a **$50.0 million sustainability-linked senior term loan facility** with a European bank, with net proceeds designated for general corporate purposes.  **[737758_62b7e504a91f4c6f8e9ebbf295313bd7_0]** 
- The company announced the **full redemption of 60,000 shares of its 8.75% Series E Cumulative Perpetual Convertible Preferred Shares** on October 13, 2025.  **[737758_62b7e504a91f4c6f8e9ebbf295313bd7_0]** 
- The redemption was for a **cash consideration equal to the stated amount plus 0.523%** thereof, including accrued and unpaid distributions, after which the shares will be cancelled.  **[737758_62b7e504a91f4c6f8e9ebbf295313bd7_0]**

Castor Maritime Secures Debt Financing and Redeems Preferred Shares

- **The Toro Company (TTC) entered into a definitive agreement on October 6, 2025, to acquire Tornado Infrastructure Equipment Ltd.**, a leading manufacturer of vacuum excavation trucks.  **[737758_0001628280-25-044620_cyclonearrangementagreement.htm:1]** **[737758_0001628280-25-044620_cyclonepressrelease.htm:1]** 
- The acquisition is for **$1.92 in cash per Share**  **[737758_0001628280-25-044620_cyclonearrangementagreement.htm:4]**  and is expected to **expand Toro's underground and specialty construction product portfolio and market reach**.  **[737758_0001628280-25-044620_cyclonepressrelease.htm:1]** 
- Tornado Infrastructure Equipment generated approximately **$149 million (CAD)** in net sales for the trailing 12 months ended June 30, 2025.  **[737758_0001628280-25-044620_cyclonepressrelease.htm:1]** 
- The transaction is anticipated to close during The Toro Company's **fiscal 2026 first quarter**.  **[737758_0001628280-25-044620_cyclonepressrelease.htm:1]**

The Toro Company to Acquire Tornado Infrastructure Equipment Ltd.

- The Toro Company (TTC) has entered into a definitive agreement to acquire **Tornado Infrastructure Equipment Ltd.** for a fully diluted equity value of **$279 million (CAD)**, or **$1.92 per share (CAD)**, representing a **4 percent premium** on Tornado's latest closing share price.  **[737758_d07bd80ef77f4e6daad325554465e3da_0]** **[737758_d07bd80ef77f4e6daad325554465e3da_1]** 
- Tornado Infrastructure Equipment, a manufacturer of vacuum trucks, generated net sales of approximately **$149 million (CAD)** for the trailing 12 months ended June 30, 2025.  **[737758_d07bd80ef77f4e6daad325554465e3da_0]** 
- The acquisition is expected to expand Toro's underground and specialty construction product portfolio and market reach, and is anticipated to close during The Toro Company’s **fiscal 2026 first quarter**.  **[737758_d07bd80ef77f4e6daad325554465e3da_0]** 
- The transaction is expected to be **marginally accretive to earnings in the first year**, excluding purchase price accounting and transaction-related adjustments, and is projected to achieve annual run-rate cost synergies of **$3 million (USD)** over three years.  **[737758_d07bd80ef77f4e6daad325554465e3da_1]**

Toro Company to Acquire Tornado Infrastructure Equipment Ltd.

- Castor Maritime Inc. reported a significant decline in financial performance for the three months ended June 30, 2025, with total vessel revenues decreasing by **37.4%** to **$10.2 million** and net income falling by **72.5%** to **$6.3 million** compared to the prior year.  **[737758_1155a30defbe44eaaa0e8e37de2f7cc3_0]**  For the six months ended June 30, 2025, the company recorded a **net loss of $17.0 million**, a substantial decrease from a net income of $45.2 million in the same period of 2024.  **[737758_1155a30defbe44eaaa0e8e37de2f7cc3_1]** 
- The company's cash position decreased to **$44.8 million** as of June 30, 2025, from $87.9 million as of December 31, 2024.  **[737758_1155a30defbe44eaaa0e8e37de2f7cc3_0]** 
- Castor Maritime Inc. significantly reduced its total debt to **$5.3 million** as of June 30, 2025, from $103.7 million as of December 31, 2024, largely due to **$101.1 million** in prepayments during the six months ended June 30, 2025.  **[737758_1155a30defbe44eaaa0e8e37de2f7cc3_5]** 
- On September 29, 2025, the company agreed to issue **60,000 Series E Cumulative Perpetual Convertible Preferred Shares** to Toro for **$60.0 million** in cash.  **[737758_1155a30defbe44eaaa0e8e37de2f7cc3_6]**

Castor Maritime Inc. Reports Q2 and Half-Year 2025 Results

- The Toro Company (TTC) issued **$200 million** of **5.27% Senior Notes** due **September 30, 2032**, on **September 30, 2025**.  **[737758_0001628280-25-043263_ttc-20250930.htm:1]** 
- The proceeds from these notes will be used to **fully repay $200 million in indebtedness** under TTC’s Term Loan Credit Agreement, dated April 27, 2022, and for general corporate purposes.  **[737758_0001628280-25-043263_ttc-20250930.htm:1]** 
- Interest on the 2025 Notes is payable **semiannually** on March 30 and September 30, commencing March 30, 2026.  **[737758_0001628280-25-043263_ttc-20250930.htm:1]** 
- The Note Purchase Agreement includes a **maximum leverage ratio covenant of 3.50 to 1.00**, which can temporarily increase to **4.00 to 1.00** for up to four fiscal quarters following an acquisition over **$75 million**, triggering an **Incremental Leverage Fee of 0.50%** per annum.  **[737758_0001628280-25-043263_ttc-20250930.htm:1]** **[737758_0001628280-25-043263_exhibit101.htm:33]** 
- TTC has the right to prepay the notes with a make-whole premium, or without a make-whole premium during the **90-day period prior to maturity**.  **[737758_0001628280-25-043263_ttc-20250930.htm:1]** **[737758_0001628280-25-043263_exhibit101.htm:21]**

TORO (TTC)