TORO (TTC) Company Report

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.
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.
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.

Oct 15, 2025, 1:09 PM

The Toro Company to Acquire Tornado Infrastructure Equipment Ltd.

TTC

M&A

New Projects/Investments

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.
The acquisition is for $1.92 in cash per Share and is expected to expand Toro's underground and specialty construction product portfolio and market reach.
Tornado Infrastructure Equipment generated approximately $149 million (CAD) in net sales for the trailing 12 months ended June 30, 2025.
The transaction is anticipated to close during The Toro Company's fiscal 2026 first quarter.

Oct 8, 2025, 8:44 PM

Toro Company to Acquire Tornado Infrastructure Equipment Ltd.

TTC

M&A

New Projects/Investments

Guidance Update

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.
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.
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.
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.

Oct 6, 2025, 12:00 PM

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

TTC

Earnings

Debt Issuance

Convertible Preferred Issuance

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. 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.
The company's cash position decreased to $44.8 million as of June 30, 2025, from $87.9 million as of December 31, 2024.
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.
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.

Oct 1, 2025, 1:03 PM

The Toro Company Issues $200 Million Senior Notes

TTC

Debt Issuance

M&A

The Toro Company (TTC) issued $200 million of 5.27% Senior Notes due September 30, 2032, on September 30, 2025.
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.
Interest on the 2025 Notes is payable semiannually on March 30 and September 30, commencing March 30, 2026.
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.
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.

Sep 30, 2025, 8:56 PM

Earnings Transcripts

Quarterly earnings call transcripts for TORO.

Get instant answers from SEC filings, earnings calls & more

Get instant analysis when filings drop