Seanergy Maritime Holdings Corp. announces successful closing of vessel refinancing
Published by Louise Mulhall,
Editorial Assistant
Dry Bulk,
Seanergy Maritime Holdings Corp has announced the closing of its previously-announced early termination of a credit facility of one of its capesize vessels and successful refinancing with a new senior secured credit facility.
The outstanding balance of the prior senior secured credit facility was US$35.4 million, which was settled under an early termination agreement with the lender for US$24.0 million. The settlement resulted into a US$11.4 million gain and equity accretion for the company that will be recorded on its financial results for the third quarter and nine months ended 30 September, 2017.
Stamatis Tsantanis, the Company's Chairman & Chief Executive Officer, stated:
"The closing of the previously announced refinancing is a further positive step forward for Seanergy. This series of transactions has resulted in an US$11.4 million equity accretion for our shareholders which represents the unlocking of value equal to approximately 25% of our current market value. We will continue to look for opportunities in the market to execute on."
The settlement amount of US$24.0 million was funded by a new senior secured credit facility from a European bank and from financing arrangements with a company affiliated with the company's sponsor.
The company's pro-forma equity and total capitalisation, taking into effect the settlement of the US$35.4 million secured loan facility, are estimated to be US$46.1 million and US$267.1 million, respectively.
Read the article online at: https://www.drybulkmagazine.com/shipping/03102017/seanergy-maritime-holdings-corp-announces-successful-closing-of-vessel-refinancing/
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