Seanergy Maritime announced today that the Company received a commitment letter from one of its existing lenders for a $37.45 million facility (the “New Facility”). The proceeds will be used to refinance the $24.45 million existing facility secured by the M/V Squireship and the M/V Leadership (the “Existing Facility”) and will be secured as well by currently unencumbered M/V Lordship.
Pursuant to the commitment letter, the earliest maturity date of the New Facility will be in December 2024 and the interest rate will be 3.5% plus LIBOR per annum. The approval is subject to completion of definitive documentation.
The incremental liquidity of approximately $12 million is expected to be used for the financing of the Company’s recently announced new vessel acquisitions.
Moreover, the Company is in advanced discussions for the financing of one of its previously announced vessel acquisitions, the M/V Flagship, through a $20.5 million leasing arrangement at competitive terms.
Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer stated:
“We are very pleased to announce the successful conclusion of the financing by one of our long-term lenders for the upsizing and extension of one of our existing facilities. The New Facility in combination with our advanced discussions with other current lenders of Seanergy represent a strong vote of confidence to our Company.
“Regarding general market conditions, the current average of the 5-TC routes of the Capesize index is in excess of $26,000 per day, while the performance of the freight futures (FFA) points to a significantly improved earnings environment for the remainder of 2021.
“We believe Seanergy is well-positioned to benefit substantially from improving market conditions.”