Seanergy Maritime announced today that the Company received approval, in the form of a commitment letter, from one of its existing lenders to refinance a loan facility that was originally maturing on June 30, 2020 (the “Existing Facility”).
The Existing Facility is secured by two of the Company’s Capesize vessels, the 2010 built M/V Geniuship and the 2004 built M/V Gloriuship, which will also secure the new loan facility (the “New Facility”). The New Facility will have a five-year term, expiring in July 2025, and its underlying repayment terms will have a positive impact on the break-even rates of the subject vessels. Pursuant to the commitment letter, the New Facility will provide additional flexibility to the Company as compared to the Existing Facility. The refinancing is subject to completion of definitive documentation.
