Seanergy Maritime Holdings Corp. Pronounces $ 37.45 Million Mortgage Facility and Different Funding Updates
Seanergy Maritime Holdings Corp. introduced as we speak that the Firm has acquired a letter of dedication from considered one of its current lenders for a $ 37.45 million facility (the “New Facility”). The proceeds shall be used to refinance the present $ 24.45 million facility secured by M / V Squireship and M / V Management (the “Present Facility”) and also will be secured by the at the moment unencumbered M / V Lordship.
As per the letter of dedication, the primary maturity date of the brand new facility shall be December 2024 and the rate of interest shall be 3.5% plus LIBOR each year. Approval is topic to the completion of ultimate documentation.
The extra liquidity of roughly $ 12 million is anticipated for use to finance the corporate’s just lately introduced new vessel acquisitions.
Moreover, the corporate is in superior talks to finance considered one of its beforehand introduced ship acquisitions, the flagship M / V, by a $ 20.5 million lease settlement on phrases. aggressive.
Stamatis Tsantanis, Chairman and CEO of the corporate, mentioned:
“We’re more than happy to announce the profitable conclusion of financing by considered one of our long-term lenders for the enlargement and extension of considered one of our current services. The brand new facility, mixed with our superior discussions with different present Seanergy lenders, represents a powerful vote of confidence for our firm.
“By way of normal market situations, the present common of 5-TC bonds within the Capesize index exceeds $ 26,000 per day, whereas the efficiency of freight ahead contracts (FFA) signifies a major enchancment within the earnings setting for the rest of 2021.
“We imagine Seanergy is properly positioned to learn considerably from bettering market situations.”
Seanergy Maritime Holdings Corp. is the one absolutely listed Capesize shipowner in america. Seanergy gives dry bulk transport companies by a contemporary fleet of Capesize vessels. Upon supply of the vessels the Firm has just lately agreed to accumulate, the Firm’s operational fleet will encompass 15 Capesize vessels with a median age of 11.9 years and a complete cargo capability of roughly 2,642 463 dwt.
The corporate is included within the Marshall Islands and has government workplaces in Glyfada, Greece. The Firm’s frequent shares commerce on the Nasdaq Capital Market below the image “SHIP”, its Class A warrants below “SHIPW” and its Class B warrants below “SHIPZ”.
Supply: Seanergy Maritime Holdings Corp.