Seanergy Announces New Refinancing Facility of $21.3 million with a Prominent Japanese Lender
March 02 2022 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”)
(NASDAQ: SHIP) reported today that it has entered into a definitive
agreement with a reputable Japanese lender to refinance the loan
facilities secured by the 2012-built Capesize M/V Partnership (the
“Vessel”) through a sale and leaseback structure.
Pursuant to the terms of the new facility, the
Vessel will be sold and chartered back on a bareboat basis for an
eight-year period starting at the time of the closing, which is
anticipated promptly, within March 2022.
The financing amount is $21.3 million and the
applicable interest rate is SOFR + 2.90% per annum. The new
interest rate is approximately 210 bps lower as compared to the
blended rate of the existing senior and junior loan facilities
secured currently by the Vessel. Moreover, $4.3 million of
additional liquidity will be released to the Company through the
refinancing.
The facility will amortize through quarterly
instalments averaging at approximately $590,000. Following the
second anniversary of the bareboat charter, the Company has
continuous options to repurchase the Vessel. At the end of the
8-year bareboat period, Seanergy has an option to repurchase the
Vessel for $2.39 million, which the Company expects to
exercise.
Following the consummation of the refinancing,
the Company will have no further junior debt outstanding.
Fearnley Securities AS have acted as the
Company’s exclusive financial advisor for this financing offering
valuable support in the origination, structuring and execution of
the transaction.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“I am pleased to announce another successful
refinancing for our Company, consistent with our commitment to
optimize the capital structure and further reduce our financing
expense. The transaction marks an important milestone for our
Company, since, following consummation, there will be no legacy
junior debt outstanding.
“The transaction has another strategic element
for Seanergy, as we have initiated a valuable relationship with a
prominent lender in the Japanese market. In the last 12 months, we
have strengthened our footing in the Asian ship-financing market
through similar transactions in China, Taiwan and Japan.”
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. The Company's operating fleet consists
of 17 Capesize vessels with an average age of approximately 12
years and aggregate cargo carrying capacity of approximately
3,011,083 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” 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 RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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