Seanergy Maritime To Buy 7 Dry Bulk Vessels For Gross Purchase Price Of $183 Mln

(RTTNews) - Seanergy Maritime Holdings Corp. (SHIPW, SHIP) Tuesday said it has entered into a purchase agreement to acquire seven secondhand dry bulk vessels, consisting of five Capesize and two Supramax vessels, for a gross purchase price of about $183 million.

Upon completion of the acquisition of the vessels, the company will have a modern fleet of eight dry bulk carriers, consisting of six Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1.1 million DWT and an average fleet age of about 7.1 years.

The vessels are expected to be employed in the spot market and the company will start earning revenue immediately upon completion of the transaction and delivery of the vessels.

The acquisition will be funded by senior secured loans with reputable financial institutions and a private placement by the company's sponsor. The transaction is subject to standard closing conditions and legal documentation. It is expected to be completed by November 30.

The sellers of the vessels are entities affiliated with certain of the company's major shareholders. The transactions were approved by an independent committee of the company's Board of Directors and the company's Board of Directors.