Seanergy Maritime Holdings Corp. Announces Loan Facility of $37.45 Million and Other Financing Updates
April 14 2021 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that the Company received a commitment letter from
one of its existing lenders for a $37.45 million facility (the “New
Facility”). The proceeds will be used to refinance the $24.45
million existing facility secured by the M/V Squireship and the M/V
Leadership (the “Existing Facility”) and will be secured as well by
currently unencumbered M/V Lordship.
Pursuant to the commitment letter, the earliest
maturity date of the New Facility will be in December 2024 and the
interest rate will be 3.5% plus LIBOR per annum. The approval is
subject to completion of definitive documentation.
The incremental liquidity of approximately $12
million is expected to be used for the financing of the Company’s
recently announced new vessel acquisitions.
Moreover, the Company is in advanced discussions
for the financing of one of its previously announced vessel
acquisitions, the M/V Flagship, through a $20.5 million leasing
arrangement at competitive terms.
Stamatis Tsantanis, the Company’s
Chairman and Chief Executive Officer stated:
“We are very pleased to announce the successful
conclusion of the financing by one of our long-term lenders for the
upsizing and extension of one of our existing facilities. The New
Facility in combination with our advanced discussions with other
current lenders of Seanergy represent a strong vote of confidence
to our Company.
“Regarding general market conditions, the
current average of the 5-TC routes of the Capesize index is in
excess of $26,000 per day, while the performance of the freight
futures (FFA) points to a significantly improved earnings
environment for the remainder of 2021.
“We believe Seanergy is well-positioned to
benefit substantially from improving market conditions.”
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 vessels which the
Company has recently agreed to acquire, the Company's operating
fleet will consist of 15 Capesize vessels with an average age of
11.9 years and aggregate cargo carrying capacity of approximately
2,642,463 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 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 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:
Seanergy Investor Relations Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc. Daniela Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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