Navios Partners Prices New USD 405 Mn Loan

Image Courtesy: Navios

Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has priced its new USD 405 million term loan B facility.

The company said that the term loan B facility, which has a three and a half year term, was priced at LIBOR + 500 basis points.

Navios Partners intends to use the net proceeds of the loan to refinance the existing term loan B and to pay fees and expenses related to the term loans.

The shipowner expects the financing to close on March 14, 2017, subject to customary closing conditions.

“The commitments in respect of the facility and the terms and conditions thereof remain subject to the execution of definitive documentation,” Navios Partners said.

Earlier in February, the company unveiled its intentions to launch syndication of a USD 400 million term loan B, subject to market conditions.

During 2016, Navios Partners saw red ink as it plunged to a net loss of USD 52.5 million for the year ended December 31, 2016, compared to a net income of USD 41.8 million seen in the previous year.

The result was negatively affected by USD 27.2 million of impairment loss on the sale of the 13,100 TEU containership MSC Cristina, sold for USD 125 million, and the 52,073 dwt Navios Apollon, sold for a total net sale price of USD 4.8 million.

Despite the drop in numbers, Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “I am pleased with the results for 2016, a year of many challenges.”

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 >