Seanergy Maritime Holdings has struck a deal to terminate a credit facility earlier than scheduled, boosting its equity.
This agreement represents a 29% reduction of the outstanding facility of $39m and the Greek owner expects a gain of around $11.4m.
On an adjusted basis, Seanergy’s equity will rise from $37.5m to $49m.
TradeWinds understands the bank that agreed on the early termination of the loan is France’s Natixis, which has been mulling exiting the shipping sector.
Stamatis Tsantanis, chief executive of Seanergy, said: “We are very pleased to announce another important transaction for the company, which should result in significant accretion for our shareholders.
“Not only are we growing our fleet, but we are streamlining our capital structure to be in a position to further capitalise on a strengthening dry bulk market.”
Seanergy explained it plans to repay the facility by September through a combination of cash and a new loan facility currently under consideration.
Confidence in capes
The applicable credit facility is secured against one of the company’s Sungdong capesizes, Seanergy added.
Shares in Seanergy were trading at slightly above the $1 mark each on the Nasdaq Stock Exchange earlier today.
The company expanded its fleet in 2016 and has shown its preference in capesizes.
Tsantanis added: “We strongly believe that the capesize segment represents the best fundamentals of the dry bulk industry.
“We have been fully consistent in our business strategy and we shall continue to actively pursue transactions that are projected to further enhance shareholder value.”
