Navios Maritime Containers, a newly formed Marshall Islands company, has agreed to sell some 15 million of its shares to finance the purchase of a 14-vessel container fleet from Rickmers Maritime and further vessel acquisitions.
The company is looking to secure up to USD 75 million of gross proceeds through the share sale at a subscription price of USD 5 per share. The offering is expected to close in full on or about June 1, 2017.
The acquisition of Rickmers Maritime’s vessels was earlier agreed by Navios Maritime Partners L.P. The company said that it would invest USD 30 million and receive 40% of the equity, and Navios Maritime Holdings would invest USD 5 million and receive 6.67% of the equity of Navios Containers.
Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.
Rickmers Maritime’s containerships are expected to be delivered starting the week of May 15, 2017. The acquisition is subject to a number of conditions, and “no assurance can be provided that the acquisition will close at all or in part,” according to Navios Containers.
Additionally, Navios Containers said that it intends to file an application to register on the Norwegian Over-The-Counter market (N-OTC), where it expects to be registered on or about June 1, 2017.