Posted on December 21, 2021
December 16, 2021 – Glyfada, Greece – Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:
SHIP) announced today that it has entered into a definitive agreement for the refinancing of a loan facility secured by M/V Geniuship, with a new loan facility secured by the same vessel.
The current outstanding balance is provided by certain nominees of Entrust Global and stands at $14.6
million. The Entrust facility has a remaining duration of 3.5 years, bears interest at a fixed rate of 10.5%
per annum and amortizes through quarterly instalments of $515,000.
The new loan facility will be provided by a prominent Far Eastern bank (the ‘New Facility’), has an initial
balance of $15 million, a five-year term and bears interest of LIBOR + 3.5% per annum. The New Facility
will amortize through 4 quarterly instalments of $530,000 followed by 16 quarterly instalments of $385,000.
The significantly lower interest rate, as well as the reduced quarterly repayments agreed for 2023 onwards, will further improve the break-even rates of the underlying vessel. In addition, the interest savings for the Company are expected to be $0.9 million for 2022 and $0.5 million on average per year for 2023-25.
As of the date of this release and pro-forma for this refinancing, which is expected to close within
December, Seanergy’s total indebtedness will be approximately $242.7 million, consisting of $221.0
million debt and other financial leases and $21.7 million in unsecured convertible notes, while total cash
and cash equivalents, restricted cash and term deposits of the Company are expected to be approximately $45.0 million.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“As part of our continuous efforts to further improve our strong cashflow, we have agreed another
successful refinancing for an existing capesize vessel. The New Facility has a considerably lower interest
rate, which will benefit immediately the Company’s cash flow and profitability. The total expected interest savings for Seanergy will be approximately $2.3 million over the next 3 years. Consistent with our conservative approach on leverage, we aim in achieving more competitive pricing and overall terms of the loan without increasing the debt on the vessel.
“We remain committed to our strategy to further reduce our financing cost by additional refinancings and buybacks or repayment of debt that are expected to generate improved shareholder returns.”
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 11.7 years and
aggregate cargo carrying capacity of approximately 3,011,083 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” and its Class B
warrants under “SHIPZ”.
Please visit our company website at: www.seanergymaritime.com.
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 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
