FreeSeas Inc. (NASDAQ: FREE) Gains 5% after Refinancing Agreement

FreeSeas Inc. (NASDAQ: FREE) today announced that FREE has reached an agreement with First Business Bank S.A. of Greece for a secured seven year term loan up to $$27.75 million and plans to use it for refinancing its existing $21.75 million loan on Free Impala and use the rest to meet additional liquidity.

FreeSeas also expects its current portion of total debt to decline from $32 million as of June 30, 2009 to $17 million as of September 30, 2009.

FreeSeas Inc. (NASDAQ: FREE) moved up 6.17% at $1.55 on 678K shares and trading at 4x normal volume. The 52 week trading range for FREE is $0.52 - $3.55.