Benzinga | Jan 12, 2021 09:08AM EST

Seanergy Maritime Holdings Corp. Announces Successful Completion Of $179M Financial Restructuring

* Restructuring of $117 million of senior secured loan facilities and $62 million of junior loan facilities and convertible notes

* No outstanding debt maturities before the fourth quarter of 2022

* Reduction of interest rate and repayment instalments with positive impact on the cash break-even of the fleet

* Relaxation of financial covenants allowing for additional financial flexibility, including payment of dividends

* Aggregate debt reduction of $36 million in 2020 through the restructuring arrangements and scheduled debt amortization

ATHENS, Greece, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. ("Seanergy" or the "Company") (NASDAQ:SHIP) announced today that it has reached final agreements with certain of its senior lenders and junior lender, for the financial restructuring of a total of $179 million, consisting of four senior credit facilities (the "Senior Facilities"), three junior credit facilities (the "Jelco Loans") and three junior convertible notes (the "Jelco Notes"). Following these agreements, the previously announced defaults and cross-defaults have been fully resolved.

Pursuant to the restructuring terms, approximately $87 million of debt maturities falling due in 2020 have been extended to future periods, between December 2022 and December 2024, providing Seanergy with a clean two-year runway. In addition, the rescheduling of the amortization payments under certain of the Senior Facilities and the reduction of the interest rate across the junior loans and notes are expected to have a positive impact on the cash break-even of the Company going forward. Moreover, the Company's lenders have agreed to cancel or amend certain financial covenants and security maintenance provisions under the Senior Facilities allowing for additional financial flexibility, including payment of dividends.