Navios Acquisition Loans USD 70 Million to Navios Holdings

Image Courtesy: Navios

NYSE-listed owner and operator of tanker vessels Navios Maritime Acquisition Corporation has agreed to provide a USD 70 million secured loan facility to its parent company, the dry bulk shipping specialist Navios Maritime Holdings Inc.

The loan facility, maturing in November 2018, bears interest of 8.75%, compounded semi-annually and is secured by all of Navios Holdings’ interest in Navios Acquisition, composed of 65,301,220 shares of common stock and 1,000 preferred shares, convertible into 7,676,000 shares of common stock.

The facility is also secured by 78.5% of Navios Holdings’ interest in Navios South American Logistics, Inc. composed of 10,021 shares representing a majority of the shares outstanding of Navios Logistics. Interest will accrue and be payable upon the maturity of the loan. A 1% fee was payable on the closing.

A special committee comprised of independent directors of Navios Acquisition negotiated and approved the terms of the loan facility with the assistance of the special committee’s outside financial and legal advisors.

The special committee determined that the loan facility was fair to Navios Acquisition and in the best interest of the company and its shareholders.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Canada LNG Conference & Exhibition 2017

The 2017 conference will bring a re-invigorated program across three days focusing on technical innovation, domestic market opportunities…

read more >

Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

read more >

Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

In addition to exceptional networking opportunities, Breakbulk Europe provides a dynamic conference, along with a range of educational and training workshops — intensive all-day classes held the day before the exhibition opens as well as many on-the-floor sessions.

  • Over 7,600 participants attended Breakbulk Europe 2016
  • Meet with over 400 exhibitors and sponsors
  • Hear from industry experts, including leading shippers, during the conference sessions
  • Learn new skills in the educational workshops held before the exhibition and on-the-floor micro-seminars and exhibitor-led sessions during the event

More info

read more >

Sea Asia 2017

Sea Asia, the premier maritime and offshore conference and exhibition in Asia is returning for the 6th edition on 25-27 April 2017 at the Marine Bay Sands® Singapore.

read more >