Navios Maritime Containers has closed its private placement and the acquisition of five container vessels and rights to the remaining fleet of Rickmers Maritime Trust.
The company raised some USD 50.3 million of gross proceeds by issuing 10 million shares at a subscription price of USD 5.00 per share.
Navios Containers used the proceeds from the private placement to acquire five 4,250 TEU vessels from Navios Partners for a total purchase price of USD 64 million.
Recently acquired by Navios Partners from Rickmers Trust, the ships are employed on charters with a net daily charter rate of USD 26,850. The charters expire in 2018 and early 2019 and are expected to generate USD 45 million of EBITDA, assuming expenses approximating current operating costs and 360 revenue days per year.
The transaction was partially funded through USD 40 million in proceeds raised through the private placement and the balance in the form of a USD 24 million credit by Navios Partners for a period of 90 days at L+375 bps.
Additionally, Navios Containers is in advanced discussions for an up to USD 40 million loan from a commercial lending bank.
Furthermore, the company informed that it acquired all the rights under the acquisition agreements entered into between Navios Partners and Rickmers Trust to purchase the remaining nine vessels in the original 14-vessel container fleet.
The acquisition of the nine additional vessels “is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part.”