Seanergy Maritime Agrees Early Loan Termination
Image Courtesy: Seanergy Maritime Dry bulk owner and operator Seanergy Maritime Holdings has agreed for an early termination of a credit facility with one of its senior lenders.
The move is expected to result into a material gain of around USD 11.4 million and equity accretion for the company, according to Seaenergy Maritime.
The gain, which represents a reduction of some 29% of the outstanding facility, should to be recorded upon closing of the transaction in the second or third quarter of 2017.
In addition, this transaction is expected to result in an accretion of more than 30% to the total equity of the company on an adjusted basis.
“Not only are we growing our fleet but we are streamlining our capital structure to be in a position to further capitalize on a strengthening dry bulk market,” Stamatis Tsantanis, CEO of Seanergy, said.
In the past six months Seanergy raised funds from the equity capital markets and used the capital to grow its platform and enhance shareholder value.
“We strongly believe that the Capesize segment represents the best fundamentals of the dry bulk industry. We have been fully consistent in our business strategy and we shall continue to actively pursue transactions that are projected to further enhance shareholder value,” Tsantanis added.
The applicable credit facility is secured by one of the company’s Sungdong Capesize vessels. Under the terms of the agreement, Seanergy Maritime may, until September 29, 2017, satisfy the full amount of the facility by making a prepayment of the outstanding facility amount reduced by around 29%.
