Business
Seanergy Maritime Successfully Completes $54 million Refinancing Transactions for 3 Capesize Vessels with Significant Cost and Liquidity Benefits for the Company
GLYFADA, Greece, May 11, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that, pursuant
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"GLYFADA, Greece, May 11, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that, pursuant to its strategy of pursuing attractive refinancing opportunities, it entered into two sale and leaseback agreements with unaffiliated third parties in Japan for the refinancing of the existing indebtedness over the 2010-built capesize vessels M/V Knightship and M/V Lordship. Moreover, the 2011-built M/V Championship, previously financed by a sale and leaseback structure, has been refinanced through a new sustainability-linked loan provided by a major European lender. Refinancing of M/V Knightship The vessel was sold and chartered back on a bareboat basis for a six-year period. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to Seanergy at no additional cost. The $19.0 million financing bears interest of 3-month term SOFR + 2.80% per annum. The new interest rate is 120 bps lower than that of the existing financing. Approximately $8.5 million of additional liquidity was released to the Company through the refinancing. The charterhire principal will amortize over seventy-two consecutive monthly installments, averaging approximately $0.3 million each. Refinancing of M/V Lordship The vessel was sold and chartered back on a bareboat basis for a period of 4 years and 5 months. The Company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter. At the end of the six-year bareboat period, Seanergy has the option to repurchase the vessel for $7.8 million. The $19.0 million financing bears interest of 3-month term SOFR + 3.00% per annum. The new interest rate is 50 bps lower than that of the existing financing. Approximately $6.6 million of additional liquidity was released to the Company through the refinancing. The charterhire principal will amortize over fifty-three consecutive monthly installments, averaging approximately $0.2 million each. Fearnley Securities AS have acted as the Company’s exclusive financial advisor for the two sale and leaseback financings, offering valuable support in the origination, structuring and e...