Seanergy Maritime Holdings Corp. announced yesterday that its wholly-owned subsidiary, Maritime Capital Shipping Limited ("MCS"), entered into a term sheet with its sole lender for the sale of a 100% ownership interest in three of MCS's vessel-owning subsidiaries to a nominee of the lender, in exchange for a nominal cash consideration and full satisfaction of the underlying loan. MCS provides a guarantee under this loan agreement. The three subsidiaries own the Handysize dry bulk carriers M/V Asian Grace, M/V African Glory and M/V African Joy.
Upon the closing of the transaction, approximately $39 million of outstanding debt will be discharged and the guarantee provided by MCS will be fully released.
After giving effect to the transaction, the overall indebtedness of the Seanergy group of companies will be reduced to approximately $135 million.
The sale is subject to final documentation and is expected to close by May 31, 2013.
Stamatis Tsantanis, the Company's Chief Executive Officer, stated: "The agreement with the sole lender of MCS is another important step towards the successful restructuring of our outstanding debt. Since the beginning of 2012 and subject to the closing of this transaction, we will have reduced our indebtedness by approximately 61% to $135 million through agreements with four out of our five lenders. We continue discussions with our remaining lender, aiming to reach a solution that will enable Seanergy to complete the restructuring of its outstanding debt."
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.
As of today, the Company's fleet consists of 7 drybulk carriers (two Panamax, two Supramax, and three Handysize vessels) with a total carrying capacity of approximately 326,255 dwt and an average fleet age of 13.5 years.
The Company's common stock trades on the NASDAQ Capital Market under the symbol "SHIP."