Seanergy Maritime Holdings Corp. Announces Lenders` Agreement Relating to Loan Amendments, Waivers on Financial and Other Covenants and Equity Injection by its Major Shareholders

News Release Seanergy Maritime Holdings Corp January 9, 2012

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SEANERGY MARITIME HOLDINGS CORP. ANNOUNCES
LENDERS’ AGREEMENT RELATING TO LOAN AMENDMENTS, WAIVERS ON FINANCIAL AND
OTHER COVENANTS
AND EQUITY INJECTION BY ITS MAJOR SHAREHOLDERS
January 9, 2012 - Athens, Greece - Seanergy Maritime Holdings Corp.
(the “Company”)
(NASDAQ:
SHIP) announced today that two of the Company’s lenders have agreed
in principal to
waive certain
financial and other covenants of three loan facilities and to
amend certain terms of two of its loan
facilities (collectively, the “Loan Amendments”). As part of the lenders’ agreement, the Company also
announced today that it has entered into a share purchase
agreement (the “Agreement”) with
four
entities affiliated with members of the Restis family, the Company’s major
shareholders, for an equity
injection of US$10 million.
In particular, Marfin Egnatia Bank SA (“Marfin”) has agreed to an extension of the
revolving and term
facilities’ maturity date from 2015 to 2018, the deferral of principal debt
payments for 2012 and
amendment of the facilities’ installment profiles, an extension of the waiver
on the Company’s security
margin covenant for the period from January 3, 2012 through
January 1, 2014, as well as to waive all
other financial covenants until January 1, 2014 including margin
re-pricing. Additionally, Marfin has
agreed to grant waivers on all previous
covenants’
breaches.
On the loan facility of Bulk Energy Transport (Holdings) Limited
(“BET”), the Company’s subsidiary, with
Citibank International plc (“Citi”), as agent of the lenders, Citi has agreed to
waive all covenants for the
period up to and including January 1, 2013, with the exclusion of
the security requirement to security
value covenant to be amended from 125% to 100% and be tested
quarterly, including margin re-pricing.
Additionally, Citi has agreed to grant waivers on all previous
covenants’
breaches.
The approval of the Loan Amendments is subject to completion of
documentation satisfactory to the
lenders and the Company expects shortly the completion of such
documentation.
As part of the equity injection plan, four entities affiliated
with members of the Restis family, have agreed
to purchase an aggregate of 4,641,620 common shares of the Company
in exchange of US$10 million.
The common shares will be issued at a price equal to the average
closing price of five trading days
preceding the execution of the Agreement. The shares are expected
to be issued by January 31, 2012.
Mr. Dale Ploughman, Chairman and Chief Executive Officer of the
Company stated: “We are very
pleased to announce the expected agreements with two of our senior
lenders as well as the equity
injection by our major shareholders. During these times of adverse
market conditions, the support of our
lenders and major shareholders indicate their belief in the long
term prospects of our Company. The
expected equity injection reinforces our capital structure while
the new agreements with our lenders will
optimize the use of our cash flow and the financial stability of
Seanergy. We believe that our Company is
now better positioned to overcome the challenging and volatile
market environment while we continue
building Seanergy into a leading participant in the dry bulk
sector.”</DIV></BODY></HTML>