Seanergy Announces Results of Successful Capital Raising Transactions

Seanergy

Seanergy Maritime Holdings Corp. announced the results of its successful recent capital raising transactions.

In recent weeks, SHIP has undertaken a series of equity raisings beginning with an underwritten public offering which priced on March 31, 2020. Through this capital markets activity, the Company has raised approximately $30 million in gross proceeds. Based on this positive outcome, it is SHIP’s intention to pause its capital markets participation for the near term, although the Company will continue to monitor market activity in the future.

Stamatis Tsantanis, SHIP’s Chairman & Chief Executive Officer, stated:

“We are pleased to announce the successful closing of our most recent registered direct offering, which represents the culmination of our recent capital raising transactions. As a result of strong institutional interest, we raised more than $30 million and have further strengthened our balance sheet. This capital is highly accretive to our net asset value.”

“Our sector is emerging from a period of historical low rates, and as a result of our capital raising program, we believe Seanergy is in a strong position to capitalize on the improving market fundamentals.”

Following SHIP’s capital markets activity since the end of March, SHIP’s pro-forma capitalization table is as follows:

(amounts in thousands USD) Actual
(31 Dec 2019)
(audited)
Pro-Forma
(7 May 2020)
(unaudited)
Debt:
Long-term debt (1) 207,303 201,018
Convertible promissory notes (2) 14,608 14,608
Total debt 221,911 215,626
Total Shareholder’s equity (3) 29,858 57,598
Total capitalization (4) 251,769 273,224
(1) Includes arrangement fees and various deferred charges and excludes all convertible promissory notes.
(2) Includes $3.4 million of the total outstanding $38.7 million in convertible promissory notes that are classified under liabilities in accordance with the beneficial conversion feature guidance of U.S. GAAP. The balance of $11.2 million is the net non-cash amortization in accordance with the beneficial conversion feature guidance of U.S. GAAP.
(2) Includes $35.3 million of the total outstanding $38.7 million in convertible promissory notes that are classified under equity in accordance with the beneficial conversion feature guidance of U.S. GAAP.
(2) Does not give any effect to the potential future exercise of warrants issued in the recent transaction or other outstanding warrants.

 

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