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In addition, the Company finalized the amendment of its facilities’ agreement with Marfin Egnatia Bank. The amendment includes the (i) extension of the term and revolving facilities’ maturity dates from September 2015 to December 2018, (ii) principal instalment payment holiday on the term facility for 2012 and amendment of the amortization schedule for 2013 onwards (iii) payment of $3.2 million on the outstanding revolving facility, (iv) waiver of all financial covenants as of December 31, 2011 (v) waiver of all financial covenants (including the security margin) for the period commencing from January 1, 2012 through December 31, 2013, and (vi) amendment of the financial undertakings and the security margin to apply from 2014 onwards. Furthermore, the applicable margin has been increased by 50 basis points per annum on the term and revolving facilities. The Company expects to finalize certain waivers to the loan facility by and among Bulk Energy Transport (Holdings) Limited, the Company’s subsidiary, and Citibank International plc, as agent of the lenders, shortly. As previously announced, the lenders have preliminarily agreed to waive all covenants of the loan facility until January 1, 2013 and grant waivers on all previous covenant breaches. The waiver excludes the quarterly tested security requirement to security value covenant which is to be amended from 125% to 100% and include a margin repricing feature. Mr. Dale Ploughman, Chairman and Chief Executive Officer of the Company stated: “We are very pleased to announce the completion of our previously planned equity injection by our major shareholders as well as the completion of the facilities’ amendment agreement with our senior lender. The equity injection reinforces our capital structure and is encouraging to our future business prospects. The agreement with our senior lender will enable our company to optimize the use of cash flow at a time when asset values are at historical low levels. Moving forward, we remain committed to our goal to strengthen our position in the global shipping industry.” About Seanergy Maritime Holdings Corp. Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. The Company’s current fleet consists of 20 drybulk carriers (four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize vessels) with a total carrying capacity of approximately 1,295,594 dwt and an average fleet age of 14 years. The Company's common stock trades on the NASDAQ Global Market under the symbol “SHIP.” Seanergy Maritime Corp. press release |
Seanergy Maritime Holdings Corp. Successfully Completes $10 Million Equity Injection by its Major Shareholders and Amends Marfin Loan Facilities