Seanergy Maritime Holdings Corp. Announces Successful Closing of
Previously Announced Vessel Refinancing Resulting in a Material Gain of
$11.4 Million
October 2, 2017 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:
SHIP), announced today 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 $35.4 million, which was settled
under an early termination agreement with the lender for $24.0 million. The settlement resulted into a
$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 September 30, 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 $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 $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 capitalization, taking into effect the settlement of the $35.4
million secured loan facility, are estimated to be $46.1 million and $267.1 million, respectively.1
1Pro-forma Equity and Total Capitalization:
(amounts in thousands of US Dollars)
Actual
(unaudited)
As
Adjusted
(unaudited)
Total indebtedness, net of deferred finance costs 244,749 221,017
Total stockholders’ equity 24,319 46,120
Total capitalization (indebtedness plus stockholders’ equity) 269,068 267,137
The above table sets forth our equity and total capitalization as of June 30, 2017:
• on an actual basis;
• on an as adjusted basis, as of the date of this press release, to give effect to:
o $8.18 million of aggregate loan repayments;
o $35.41 million settlement of the prior loan facility on September 29, 2017;
o $11.41 million gain and equity accretion from the prior loan facility settlement;
o $16.50 million additional drawdown under an amended and restated loan facility from a European bank to
partly fund the settlement of the prior loan facility; and
o $13.75 million drawdown under a new convertible promissory note issued on September 27, 2017, of which
$10.39 million of the new note will be recorded in total stockholders’ equity and $3.36 million in total
indebtedness, net of deferred finance costs.
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