Athens-based Seanergy Maritime concludes $179M financial restructuring
Pure-play Capesize vessel owner Seanergy Maritime Holdings Corp, headquartered in Athens, has signed final agreements with its lenders for a total of $179 million in financial restructuring, consisting of four senior credit facilities.
Approximately $87 million in debt maturities falling due in 2020 have been extended to future periods between December 2022 and December 2024 under the terms of the restructuring.
In addition, the lenders of the group have agreed to cancel or amend some financial arrangements and clauses on security management under the Senior Facilities, allowing for additional financial flexibility.
The lenders are Alpha Bank SA, Hamburg Commercial Bank AG, Amsterdam Trade Bank, UniCredit Bank AG, and Jelco Delta Holding Corp.
Through a fleet of 11 Capesize vessels with an average age of about 12 years and an aggregate cargo carrying capacity of approximately 1.9 million DWT, Seanergy provides marine dry bulk transport services.
“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,” commented Stamatis Tsantanis, the company’s Chairman and Chief Executive Officer.
Maritime Business World