Greek pure-play capesize owner Seanergy Maritime has closed the refinancing of two vessels, under new and better terms. The Nasdaq-listed firm has agreed a $28m term loan deal with an unnamed European lender, secured by the 2010-built Fellowship and Premiership.
The facility has refinanced an existing facility at an interest rate is 2.50% plus SOFR per annum compared to 3.50% plus LIBOR in the previous facility secured by the same vessels. Seanergy said the $28m principal would amortise over a five-year term through quarterly instalments averaging around $1.2m and a $4.1m final balloon payment at maturity.
The company’s chief executive Stavros Gyftakis said the timely refinancing at improved pricing terms, was “particularly important in today’s rising interest rate environment.”
He added that Seanergy, which operates 17 ships, had addressed all loan maturities for the next 12 months, and with the latest deal “initiated a valuable relationship with a prominent European lender,” expanding further the company’s financing sources.