Seanergy Announces Proactive Covenant Deferral & Waiver Agreements of its Bank Lending Facilities

Seanergy

Seanergy Maritime Holdings announced today that it has entered into agreements with four of its senior lenders for the proactive waiver and deferral of the application date of certain major financial covenants.

Based on these agreements the Company expects to be in compliance with all major applicable covenants concerning the Company and the respective borrowers or that such covenants will be waived and postponed until the second quarter of 2018.

Stamatis Tsantanis, CEO of Seanergy commented: “We are pleased to announce that we have proactively agreed with our lenders to waive and defer certain major financial covenants of all of our existing banking facilities through the second quarter of 2018. While the Company was not in a breach of covenants in any of its facilities, we approached our banks well in advance to resolve any issue that could arise in the next 13 to 15 months.

“These agreements are a result of our strong relationships with our lenders and are aimed to align the application date of certain major financial covenants starting in the second quarter of 2018.

“Currently, we are seeing rising freight rates and asset values within the dry bulk market and we believe this strategic agreement will also allow us to operate with significantly more financial flexibility as we look to grow our fleet.”

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