Seanergy Maritime Holdings Corp. Announces Agreement for the Refinancing of $29.1 Million of Maturing Indebtedness
July 01 2020 - 8:30AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that the Company received approval, in the form of
a commitment letter, from one of its existing lenders to refinance
a loan facility that was originally maturing on June 30, 2020 (the
“Existing Facility”).
The Existing Facility is secured by two of the
Company’s Capesize vessels, the 2010 built M/V Geniuship and the
2004 built M/V Gloriuship, which will also secure the new loan
facility (the “New Facility”). The New Facility will have a
five-year term, expiring in July 2025, and its underlying repayment
terms will have a positive impact on the break-even rates of the
subject vessels. Pursuant to the commitment letter, the New
Facility will provide additional flexibility to the Company as
compared to the Existing Facility. The refinancing is subject to
completion of definitive documentation.
In order to facilitate the refinancing, the
Company has reached an agreement with the lender under the Existing
Facility to extend its original term until July 31, 2020.
Stamatis Tsantanis, the Company's
Chairman & Chief Executive Officer, stated:
“We are very pleased to announce this important
development for our Company, as it will allow us to timely
refinance an imminent loan maturity, with a new five-year facility
that will have a positive impact on the break-even rates of the
vessels, at a time when the earnings environment is improving
considerably.”
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 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 11 years. The Company is incorporated in the Marshall
Islands and has executive offices in Athens, Greece and an office
in Hong Kong. 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; 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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