Seanergy Maritime Announces New Term Loan of $28 million to Refinance Existing Facility at Reduced Cost
14 October 2022 - 12:00AM
Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”)
(NASDAQ: SHIP) announced today the closing of its previously
announced $28.0 million term loan secured by two 2010-built
Capesize vessels, M/V Fellowship and M/V Premiership, with a
prominent European financing institution.
The facility has refinanced an existing facility
at an interest rate is 2.50% plus SOFR per annum compared to 3.50%
plus LIBOR in the previous facility secured by the same vessels.
The $28 million principal will amortize over a five-year term
through quarterly instalments averaging approximately $1.2 million
and a $4.1 million final balloon payment at maturity.
Stavros Gyftakis, the Company’s Chief
Financial Officer, stated:
“We are very pleased with the timely refinancing
of these two vessels at improved pricing terms, which is
particularly important in today’s rising interest rate
environment.
“Acting proactively, we have addressed all loan
maturities for the next 12 months. The transaction has another
strategic element for Seanergy, as we have initiated a valuable
relationship with a prominent European lender, expanding further
our financing sources.”
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
3,020,012 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”.
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; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
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. Paul Lampoutis 230 Park Avenue
Suite 1540 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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