Seanergy gains $11.4m from early termination of credit facility

Greece dry bulk owner Seanergy Maritime Holdings has entered into an agreement with one of its lenders for the early termination of a credit facility, which it expects to result in a material gain of around $11.4 million.

Seanergy plans to fund the $37.9m prepayment with cash and funds drawn down under a new $17m loan facility which it is seeking to enter into. Subject to entering into the new loan facility, the overall bank indebtedness of the company should be reduced by approximately 10%.

Stamatis Tsantanis, CEO of Seanergy, commented: “We are very pleased to announce another important transaction for the company, which should result in significant accretion for our shareholders. 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.

“Seanergy has become a notable player in dry bulk shipping by focusing predominantly on capesize vessels. 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 that in the last six months the company has acquired two capesize vessels at what it believes to be the lowest price paid by any of its public peers for similar ships in the last 5 years.

Seanergy currently operates eight capesizes and two supramaxes.