Greek owner and operator of container and dry bulk vessels Navios Maritime Partners informed it has priced its USD 53 million incremental term loan under its Term Loan B facility, dated March 14, 2017.
The incremental term loan bears interest at LIBOR + 5.00%.
Navios Partners said it plans to use the net proceeds of the loan to fund the previously announced acquisition of three new vessels, which will secure the Term Loan B facility upon delivery, in addition to general company purposes.
Navios Partners expects the financing deal to close on or about August 10, 2017, subject to customary closing conditions. The facility is said to be subject to the execution of definitive documentation.
During 2017, the company has embarked on an ambitious fleet renewal plan, and has acquired seven, and sold one, drybulk vessels. In addition, 14 containership vessels have been acquired from Rickmers Trust.
Two bulkers were acquired in July 2017, a 2010 Hyundai-built Capesize vessel of approximately 179,314 DWT, for a purchase price of USD 26.7 million and a 2009 Tsuneishi Zhoushan-built Handymax vessel of approximately 58,058 DWT, for a total purchase price of USD 13.8 million.
The duo is slated for delivery in the third quarter of 2017.
“Navios Partners is a unique platform in the dry industry, with about USD 700 million in contracted revenue, 84% of which is through charters longer than three years, and no significant near term debt maturities. As a result, Navios Partners is renewing and expanding its drybulk fleet with younger and larger vessels,” the company’s CEO Angeliki Frangou said.
For the second quarter of 2017, Navios Partners reported consolidated revenue of USD 50.0 million and consolidated net income of USD 4.1 million.