Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) has entered into deals with some of its senior lenders for the waiver and delay of the application date of specific major financial covenants. The firm anticipates to be in compliance with key applicable covenants related to the firm and the corresponding borrowers or such agreements will be waived and deferred until Q2 2018.
Stamatis Tsantanis, the CEO of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP), reported that they have finalized an agreement with their lenders to waive and postpone certain major financial terms for all of the current banking facilities through Q2 2018. While the firm was not in a breach of covenants for any of its facilities, they approached the respective banks in advance to resolve any concern that could come in the upcoming 13 to 15 months.
These contracts are intended to align the application date of some of the major financial contracts starting in Q2 2018. Currently, the company is experiencing increasing asset values and freight rates within the dry bulk industry. Seanergy considers this strategic deal will enable them to operate with more financial flexibility as they look to expand their fleet.
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) is a worldwide shipping firm that offers marine dry bulk transportation services. It presently owns a modern fleet including 10 dry bulk carriers, consisting of two Supramaxes and eight Capesizes, with a total cargo-carrying capacity of almost 1.503 million DWT and an average fleet age of nearly 8.1 years.
The firm has its base in the Marshall Islands with other offices in Athens and Hong Kong. Its class A warrants and common shares trade on the NASDAQ exchange under the symbols “SHIPW” and “SHIP”, respectively.
Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) reported that it finalized a deal with one of its senior financiers for the early closure of a credit facility, which is anticipated to result into an equity accretion and material gain for the firm. Upon closure of the deal the firm stands to gain almost $11.4 million – equal to almost 29% of the unpaid facility. Moreover, this transaction is anticipated to lead in an accretion of over 30% to the equity of the firm on an adjusted basis.
In the last trading session, the stock price of Seanergy declined more than 1% to close the session at $0.860.
|Last Price a/o 3:21 PM EST||$0.86|
|Market Cap (mlns)||$27.39M|
|Shares Outstanding (mlns)||31.85M|
|Share Float (mlns)||14.90M|
|Short Interest Ratio||2.29|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.