Rubico Inc., an international owner and operator of modern "ECO" tanker vessels, has successfully completed sale and leaseback financing agreements with a major Chinese financier for the refinancing of its two 157,000 dwt Suezmax tankers, the M/T Eco West Coast and M/T Eco Malibu. The gross proceeds from the transaction, after repayment of previous debt and related expenses, amounted to about $10.4 million. As part of the agreements, Rubico Inc. and its parent company, Top Ships Inc., provided guarantees and agreed to maintain a leverage ratio of no more than 85% and minimum liquid funds of $0.50 million and $0.40 million for the Eco Malibu and Eco West Coast, respectively. The SLB for the Eco Malibu is for $42.0 million, with a ten-year bareboat charter and a purchase obligation of $19.0 million at the end of the charter period, at an interest rate of 3-month SOFR plus 2.1% per annum.