Seanergy Maritime, Greek owner of capesize listed on the Nasdaq, has reached an agreement to refinance a loan facility guaranteed by the bulk carrier built in 2010 Genie at lower interest rates. According to Stamatis Tsantanis, Chairman and CEO of the company, the total expected interest savings for Seanergy will be approximately $ 2.3 million over the next 3 years.
The Company’s current outstanding balance is provided by certain Entrust Global applicants and amounts to $ 14.6 million. The Entrust loan has a residual term of 3.5 years, bears interest at a fixed rate of 10.5% per annum and is amortized in quarterly installments of $ 515,000.
The new loan, which will be granted by a Far Eastern bank, has an initial balance of $ 15 million, a term of five years and bears interest at LIBOR + 3.5% per annum. The loan will be amortized in 4 quarterly installments of $ 530,000 followed by 16 quarterly installments of $ 385,000.
The interest savings for the company are expected to be $ 0.9 million for 2022 and an average of $ 0.5 million per year for 2023-25. The refinancing is expected to close this month, with Seanergy’s total indebtedness of approximately $ 242.7 million and total cash and cash equivalents, restricted cash and term deposits at $ 45 million.