Nasdaq-listed Seanergy Maritime has sealed new financing deals worth a total of $59m for two of its most recently acquired bulk carriers.
The Greek pure-play capesize owner has agreed a new $38m sustainability-linked senior credit facility with a European bank for the 2010-built Honorship, acquired in June. The deal saw upsizing and refinancing of the existing loan secured by the 2012-built Worldship.
The new loan, secured by both the Worldship and the newly acquired Honorship will amortise over a five-year term through quarterly instalments averaging $1.08m and a $16.5m final balloon payment at maturity. Seanergy agreed to a yearly interest rate of 3% plus Libor, which can be further reduced based on certain emission reduction thresholds.
In addition, the Stamatis Tsantanis-led company concluded a $21m senior loan facility with a European bank and one of its existing lenders secured by the 2010-built Dukeship. The four-year loan bears an interest rate of 2.95% plus SOFR per year and will be repaid through 16 quarterly instalments and an $11m final balloon payment at maturity.
The Japanese-built 180,000 dwt Honorship has been delivered and fixed at an index-linked rate at a significant premium over the Baltic Capesize Index for a period employment of about 20 to 24 months with Nippon Yusen Kaisha (NYK).
“The ability to conclude two new facilities with the company’s existing creditors at more favorable terms attests to their confidence in Seanergy and its prospects,” said Tsantanis. “Our fleet remains 100% under period employment, with the vast majority on index-linked charters and most of them accompanied by the option to convert to fixed rates,” he added.