Seanergy Maritime Holdings Corp. Announces Successful Completion of Previously Announced Oversubscribed Equity Offering and o...
February 19 2021 - 1:40PM
Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”)
(NASDAQ: SHIP) announced today the successful completion of the
registered direct offering priced at-the-market (the “Offering”)
announced on February 16, 2021 and the successful closing of the
documentation for the $179 million financial restructuring
previously announced on January 12, 2021.
$75 million Registered Direct Offering
The Company successfully completed the
oversubscribed Offering of approximately 44,150,000 of its common
shares to certain unaffiliated institutional investors for
aggregate gross proceeds of approximately $75.0 million. Maxim
Group LLC acted as the sole placement agent for the Offering. The
offering was priced at-the-market under Nasdaq rules, at $1.70 per
share, reflecting increased institutional interest. The net
proceeds of the Offering are approximately $70.0 million after
deducting the placement agent’s fees and other related offering
expenses.
$179 million Financial Restructuring
The Company successfully completed the
definitive documentation relating to its $117 million senior loan
facilities as well as its $62 million junior loan facilities and
convertible notes, as previously announced.
Pursuant to the terms of the restructuring,
there are no outstanding debt maturities before the fourth quarter
of 2022, the applicable interest rate and repayment instalments on
certain loan facilities and convertible notes have been reduced,
and certain financial covenants have been cancelled or relaxed.
Documentation relevant to the financial
restructuring shall be filed with the Securities and Exchange
Commission after market closes on February 19, 2021.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“The closing of these milestone transactions for
our Company underpin our strategic aims of highly accretive fleet
growth with a solid balance sheet.
We are pleased to see such strong confidence in
our Company and its fundamentals from our quality institutional and
retail investors, as well as our lenders. We hereby reiterate our
commitment to pursue improved shareholder returns in the years to
come.
We strongly believe that the Capesize segment
represents the best fundamentals in the dry bulk industry for the
next years and Seanergy is in an excellent position to capture the
rising market momentum.”
The common shares sold in the Offering were sold
pursuant to a shelf registration statement on Form F-3 (File No.
333-226796), previously filed with the Securities and Exchange
Commission (the “SEC”) on August 10, 2018 and declared effective on
August 17, 2018. Such common shares were offered only by means of a
prospectus. A prospectus supplement and the accompanying prospectus
relating to and describing the terms of the Offering were filed
with the SEC and may be obtained at the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Seanergy Maritime Holdings
Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the US. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. Upon delivery of the new vessel, the
Company's operating fleet will consist of 12 Capesize vessels with
an average age of 12.2 years and aggregate cargo carrying capacity
of approximately 2,103,042 dwt. The Company is incorporated in the
Marshall Islands and has executive offices in Glyfada, Greece. The
Company's common shares trade on the Nasdaq Capital Market under
the symbol "SHIP", its Class A warrants under "SHIPW" and its Class
B warrants under “SHIPZ”.
Please visit our company website at:
www.seanergymaritime.com
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's ability to continue as a going
concern; the Company’s liquidity, including its ability to service
its indebtedness; competitive factors in the market in which the
Company operates; shipping industry trends, including charter
rates, vessel values and factors affecting vessel supply and
demand; future, pending or recent acquisitions and dispositions,
business strategy, areas of possible expansion or contraction, and
expected capital spending or operating expenses; risks associated
with operations outside the United States; risks associated with
the length and severity of the ongoing novel coronavirus (COVID-19)
outbreak, including its effects on demand for dry bulk products and
the transportation thereof; and other factors listed from time to
time in the Company's filings with the SEC, including the
Registration Statement and its most recent annual report on Form
20-F. The Company's filings can be obtained free of charge on the
SEC's website at www.sec.gov. Except to the extent required by law,
the Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Capital Link, Inc. Judit Csepregi 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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