Seanergy Maritime Holdings Corp. Successfully Completes $10 Million Equity Injection by its Major Shareholders and Amends Marfin Loan Facilities

News Release Seanergy Maritime Holdings Corp February 3, 2012

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February 2, 2012 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:
SHIP)
announced today the successful completion of the previously
announced equity injection by four entities affiliated
with members of the Restis family. In exchange of $10 million, the
Company has issued an aggregate of 4,641,620
common shares to the four entities at a price of $2.15442, which
was the average closing price of the five trading
days preceding the execution of the purchase plan. Following the
issuance of the shares, the Company has a total
of 11,959,282 outstanding common shares.
In addition, the Company finalized the amendment of its
facilities’
agreement with
Marfin Egnatia Bank. The
amendment includes the (i) extension of the term and revolving
facilities’
maturity dates from September 2015 to
December 2018, (ii) principal instalment payment holiday on the
term facility for 2012 and amendment of the
amortization schedule for 2013 onwards (iii) payment of $3.2
million on the outstanding revolving facility, (iv)
waiver of all financial covenants as of December 31, 2011 (v)
waiver of all financial covenants (including the
security margin) for the period commencing from January 1, 2012
through December 31, 2013, and (vi) amendment
of the financial undertakings and the security margin to apply
from 2014 onwards. Furthermore, the applicable
margin has been increased by 50 basis points per annum on the term
and revolving facilities.
The Company expects to finalize certain waivers to the loan
facility by and among Bulk Energy Transport
(Holdings) Limited, the Company’s subsidiary, and Citibank International plc, as agent of
the lenders, shortly. As
previously announced, the lenders have preliminarily agreed to
waive all covenants of the loan facility until January
1, 2013 and grant waivers on all previous covenant breaches. The
waiver excludes the quarterly tested security
requirement to security value covenant which is to be amended from
125% to 100% and include a margin repricing
feature.
Mr. Dale Ploughman, Chairman and Chief Executive Officer of the
Company stated: “We are very pleased to
announce the completion of our previously planned equity injection
by our major shareholders as well as the
completion of the facilities’ amendment agreement with our senior
lender. The equity
injection reinforces our capital
structure and is encouraging to our future business prospects. The
agreement with our senior lender will enable
our company to optimize the use of cash flow at a time when asset values are
at historical low levels
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