UPDATE 1-Danaos gets covenant waivers on all credit facilities

* Says secured waivers through Jan. 31, 2010

* To now focus on newbuild program for 28 vessels * Shares up 7 pct

July 1 (Reuters) - Container shipping company Danaos Corp (DAC.N) said it reached agreements on waiver terms for all three of its credit facilities totaling $908 million, sending its shares up 7 percent.

The company said it reached an agreement with Aegean Baltic Bank, which acted as agent for its $700 million credit line with HSH Nordbank, Piraeus Bank and Aegean Baltic, on waiver terms.

Aegean Baltic Bank also helped Danaos negotiate waivers for its $60 million credit facility with HSH Nordbank and Dresdner Bank, and its $148 million performance guarantee with HSH Nordbank.

The Athens-based company said it obtained waivers through Jan. 31, 2010 covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches of these covenants.

Danaos ended up in violation of its debt covenants in March due to interest-rate swaps that went sour amid the global economic crisis.

Shares of the company were up 7 percent at $3.39 in trading after the bell. They closed at $3.17 Wednesday on the New York Stock Exchange.

For the alerts, double-click [ID:nWNAB3808] (Reporting by Shradhha Sharma in Bangalore; Editing by Vinu Pilakkott)