Seanergy Maritime Holdings Corp. Receives Waivers on Citibank Loan Facility

News Release Seanergy Maritime Holdings Corp February 10, 2012

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February 8, 2012 - Athens, Greece - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:
SHIP)
announced today the finalization agreement on certain covenant
waivers of the loan facility by and among Bulk
Energy Transport (Holdings) Limited, the Company’s subsidiary, and Citibank International plc, as
agent of the
lenders. As previously announced, the lenders have 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 security requirement to
security value covenant which is to be amended from 125% to 100%
and be tested quarterly. Furthermore, the
applicable margin has been increased by 50 basis points per
annum.
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