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Seanergy announces $179m restructuring

Seanergy announces $179m restructuring

(Posted on 14/01/21)

Seanergy Maritime Holdings Corp. has announced that it has reached final agreements with certain of its senior lenders and junior lender, for the financial restructuring of a total of $179 million, consisting of four senior credit facilities (the “Senior Facilities”), three junior credit facilities (the “Jelco Loans”) and three junior convertible notes (the “Jelco Notes”). Following these agreements, the previously announced defaults and cross-defaults have been fully resolved.

Pursuant to the restructuring terms, approximately $87 million of debt maturities falling due in 2020

have been extended to future periods, between December 2022 and December 2024, providing

Seanergy with a clean two-year runway. In addition, the rescheduling of the amortization payments

under certain of the Senior Facilities and the reduction of the interest rate across the junior loans and

notes are expected to have a positive impact on the cash break-even of the Company going forward.

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.

Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer stated:

“We are very pleased to announce the successful conclusion of the restructuring discussions with

certain of our lenders. The discussions extended since the first quarter of 2020 and were finally

concluded in an amicable manner. 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. Our overall debt has seen an impressive year-over-year reduction of

$36.0 million through the restructuring initiatives and the uninterrupted servicing of the scheduled

amortization payments.

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.

Seanergy, as the only pure-play Capesize vessel owner listed in the US capital markets, is in a great

position to capture what we believe is significant upside potential in a rising market.”

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