UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
____________________
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE
OF REPORT: MARCH 27, 2008
COMMISSION
FILE NUMBER 001-33373
____________________
CAPITAL
PRODUCT PARTNERS L.P.
(Translation
of registrant’s name into English)
____________________
3
IASSONOS STREET
PIRAEUS,
18537 GREECE
(address
of principal executive offices)
____________________
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F ý
Form 40-F ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Yes¨ No ý
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Yes¨ No ý
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes¨ No ý
If “yes”
is marked, indicate below this file number assigned to the registrant in
connection with Rule 12g3-2(b): N/A
Item
1 – Information Contained in this Form 6-K Report
Attached
as Exhibit I is a copy of a press release of Capital Product Partners L.P.,
dated March 27, 2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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CAPITAL
PRODUCT PARTNERS L.P.,
|
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By:
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Capital
GP L.L.C., its general partner
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/s/
Ioannis E. Lazaridis
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Name: Ioannis
E. Lazaridis
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Title: Chief
Executive Officer and
Chief
Financial Officer of Capital GP
L.L.C.
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Dated: March
27, 2008
Exhibit
I
CAPITAL PRODUCT PARTNERS L.P. COMPLETES
ACQUISITION OF M/T AMORE MIO II AND CLOSES ON $350 MILLION CREDIT
FACILITY
ATHENS, Greece, March 27, 2008
- Capital Product Partners L.P. (Nasdaq:CPLP) announced today that it has
completed the acquisition of the M/T Amore Mio II, a 159,982 dwt double-hull
crude oil tanker, from Capital Maritime & Trading Corp., the owner of its
general partner, for $95 million.
The M/T Amore Mio
II has been chartered to BP Shipping Limited under a charter expiring in January
2011, at the earliest, at a base gross rate of $36,456 per day (net rate
$36,000), and is subject to a profit sharing arrangement which is calculated and
settled monthly and which allows each party to share additional revenues above
the base rate on a 50/50 basis. The vessel’s operating expenses are
fixed for the next five years at a daily rate of $8,500. The
acquisition was partly funded with $46 million borrowed under the Partnership’s
new $350 million credit facility, plus an additional $2 million from available
cash. The remainder of the purchase price was funded through the issuance of
2,048,823 Partnership common units to Capital Maritime at a price of $22.94 per
unit, which was the weighted average unit price for the period from October 15,
2007 to February 15, 2008.
The terms of the transaction were
unanimously approved by Capital Product Partners’ Board of Directors following the unanimous approval and
recommendation of the Board’s conflicts committee, which is
comprised entirely of independent directors. The conflicts
committee engaged Fortis Securities LLC to act as its financial advisor and to
render a fairness opinion and Akin Gump Strauss Hauer & Feld LLP to act as
its legal advisor.
The Partnership
also announced that it has closed on its new 10-year, $350 million revolving
credit facility, which is non-amortizing until March 2013. The new
credit facility carries a rate of LIBOR + 110 basis points and a commitment fee
of 32.5 basis points. The Partnership has swapped the LIBOR portion
of the amounts drawn down under this facility into a fixed rate until the end of
the non-amortizing period in March 2013. HSH Nordbank and DnB Nor
Markets acted as lead arranger and co-arranger, respectively.
"Given the current
conditions in the credit markets, we are very pleased to close our new
non-amortizing credit facility,” said Ioannis Lazaridis, Chief Executive and
Chief Financial Officer of Capital Product Partners' general
partner. “This enhances our financial flexibility to fund additional
accretive acquisitions, such as that of the M/T Amore Mio II, which we completed
today.”
About
Capital Product Partners L.P.
Capital Product
Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited partnership, is
an international owner of modern double-hull tankers. Following the acquisition
of the M/T Amore Mio II, Capital Product Partners L.P. owns 15 vessels and has
agreements to purchase three additional product tankers from Capital Maritime
& Trading Corp. All 18 vessels are under medium to long-term
charters to BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas
Shipholding Group, Shell International Trading & Shipping Company Ltd., and
Trafigura Beheer B.V.
Forward-Looking
Statements
The statements in
this press release that are not historical facts may be forward-looking
statements (as such term is defined in Section 21E of the Securities Exchange
Act of 1934, as amended). These forward-looking statements involve risks and
uncertainties that could cause the stated or forecasted results to be materially
different from those anticipated. Unless required by law, we expressly disclaim
any obligation to update or revise any of these forward-looking statements,
whether because of future events, new information, a change in our views or
expectations, to conform them to actual results or otherwise. We assume no
responsibility for the accuracy and completeness of the forward-looking
statements. We make no prediction or statement about the performance of our
common units.
CPLP-G
Contacts:
Capital GP
L.L.C.
Ioannis Lazaridis,
Chief Executive Officer and Chief Financial Officer
+30 (210) 4584
950
i.lazaridis@capitalpplp.com
Capital Maritime
& Trading Corp.
Merete
Serck-Hanssen, SVP Finance
+1
(203) 539-6273
m.serckhanssen@capitalmaritime.com
RF
Binder Partners Inc.
Robert
Ferris
+1
(212) 994-7505
Robert.ferris@rfbinder.com