Seanergy Maritime Holdings Corp. announced the successful completion of the registered direct offering priced at-the-market (the “Offering”) announced on February 16, 2021 and the successful closing of the documentation for the $179 million financial restructuring previously announced on January 12, 2021.
$75 million Registered Direct Offering
The Company successfully completed the oversubscribed Offering of approximately 44,150,000 of its common shares to certain unaffiliated institutional investors for aggregate gross proceeds of approximately $75.0 million. Maxim Group LLC acted as the sole placement agent for the Offering. The offering was priced at-the-market under Nasdaq rules, at $1.70 per share, reflecting increased institutional interest. The net proceeds of the Offering are approximately $70.0 million after deducting the placement agent’s fees and other related offering expenses.
$179 million Financial Restructuring
The Company successfully completed the definitive documentation relating to its $117 million senior loan facilities as well as its $62 million junior loan facilities and convertible notes, as previously announced.
Pursuant to the terms of the restructuring, there are no outstanding debt maturities before the fourth quarter of 2022, the applicable interest rate and repayment instalments on certain loan facilities and convertible notes have been reduced, and certain financial covenants have been cancelled or relaxed.
Documentation relevant to the financial restructuring shall be filed with the Securities and Exchange Commission after market closes on February 19, 2021.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“The closing of these milestone transactions for our Company underpin our strategic aims of highly accretive fleet growth with a solid balance sheet.
We are pleased to see such strong confidence in our Company and its fundamentals from our quality institutional and retail investors, as well as our lenders. We hereby reiterate our commitment to pursue improved shareholder returns in the years to come.
We strongly believe that the Capesize segment represents the best fundamentals in the dry bulk industry for the next years and Seanergy is in an excellent position to capture the rising market momentum.”