Photo credit: Seanergy Maritime Holdings
Greece´s Seanergy Maritime Holdings entered into two sale and leaseback agreements with unaffiliated third parties in Japan, for the refinancing of the existing indebtedness over the 2010-built capesize vessels “Knightship” and “Lordship.” Moreover, the 2011-built vessel “Championship” has been refinanced through a new sustainability-linked loan provided by a major European lender.
The vessel Knightship was sold and chartered back on a bareboat basis for a six-year period. The company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter.
At the end of the six-year bareboat period, the ownership of the vessel will be transferred to Seanergy at no additional cost. The $19.0 million financing bears interest of 3-month term SOFR + 2.80% per annum.
Approximately $8.5 million of additional liquidity was released to the company through the refinancing.
The vessel Lordship was sold and chartered back on a bareboat basis for a period of 4 years and 5 months. The company has continuous options to repurchase the vessel at predetermined prices, following the second anniversary of the bareboat charter.
At the end of the six-year bareboat period, Seanergy has the option to repurchase the vessel for $7.8 million. The $19.0 million financing bears interest of 3-month term SOFR + 3.00% per annum.
Approximately $6.6 million of additional liquidity was released to Seanergy through the refinancing.
Also, the vessel Championship, previously financed through a sale and leaseback agreement with a major international commodities trader, has been refinanced through a sustainability-linked loan provided by a major European lender.
The existing facility of Seanergy secured by the M/Vs Fellowship and Premiership was amended and restated to also include a loan for the M/V Championship, while a sustainability adjustment mechanism was introduced in respect of the underlying interest rate.
The $15.75 million loan for the M/V Championship has a five-year term and amortizes over twenty consecutive quarterly payments, averaging approximately $0.64 million per quarter.
Following the termination of the sale and leaseback agreement with Cargill, the M/V Championship has entered a new time-charter agreement at an index linked rate, at a premium over the Baltic Capesize Index.
Stamatis Tsantanis, Seanergy’s Chairman and CEO, stated: “Our latest refinancing transactions have multiple benefits for our company in reducing our financing costs, as we have secured lower pricing and more flexible financing structures, while expanding our lending relationships in Japan.”
