Photo: Illustration; Image by Kees Torn/Flickr

Seanergy Maritime wraps up $179 m financial restructuring

Athens-based pure-play Capesize vessel owner Seanergy Maritime Holdings Corp. has reached final agreements with its lenders for the financial restructuring of a total of $179 million, consisting of four senior credit facilities.

Under the terms of the restructuring, approximately $87 million of debt maturities falling due in 2020 have been extended to future periods, between December 2022 and December 2024.

Moreover, the company’s lenders have agreed to cancel or amend certain financial covenants and security maintenance provisions under the Senior Facilities allowing for additional financial flexibility, including payment of dividends.

“The agreed solutions provide Seanergy with a solid financial standing going forward, allowing us to pursue our strategy to enhance corporate value and pave the way to improved shareholder returns. Under the agreed restructuring, there are no imminent loan maturities or underlying defaults, our balance sheet has been delevered through the extinguishment of debt and accrued interest and our future cash flow is expected to improve through reduced interest expense and debt amortization payments in the next years,” Stamatis Tsantanis, the company’s Chairman and Chief Executive Officer, said.

“Despite the global challenges presented in 2020, we have delivered milestone transactions, including the prominent restructuring of our debt, fleet expansion and beneficial commercial agreements. ”

The lenders include Alpha Bank SA, Hamburg Commercial Bank AG, UniCredit Bank AG, Amsterdam Trade Bank, and Jelco Delta Holding Corp.

Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1.9 million dwt.