Seanergy Maritime Unlocks USD 11.4 Mn from Vessel Refinancing

Image Courtesy: Seanergy Maritime Holdings

Dry bulk vessel-owner Seanergy Maritime Holdings Corp. has refinanced a credit facility for one of its Capesize bulkers via a new senior loan.

The company said that a USD 35.4 million loan was settled under an early termination agreement with the lender for USD 24 million.

The settlement amount of USD 24 million was obtained from an unnamed European bank and from financing arrangements with a company affiliated with the company’s sponsor, Seaenergy added.

“The closing of the previously announced refinancing is a further positive step forward for Seanergy. This series of transactions has resulted in an USD 11.4 million equity accretion for our shareholders which represents the unlocking of value equal to approximately 25% of our current market value. We will continue to look for opportunities in the market to execute on,” Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, said.

The USD 11.4 million gain and equity accretion will be recorded in the financial results for the third quarter and nine months ended September 30, 2017.

Following the settlement closing, the company’s pro-forma equity and total capitalization, are estimated to be USD 46.1 million and USD 267.1 million, respectively.

The Athens-based company currently owns a fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of around 1.68 million DWT.

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