Navios Acquisition Nears Debt Refinancing on Four Tankers

Owner and operator of tanker vessels Navios Acquisition said that it is in advanced discussions for re-financing its credit facility of four product tankers.

The credit facility matures in the third and fourth quarter of 2018 and the first quarter of 2019.

The re-financing, under the form of a leasing structure, has a term of six years, a repayment profile of 12 years and bears interest at LIBOR plus 305 bps per annum.

Navios Acquisition revealed the discussions on the financing in its fourth quarter financial report. The company recorded a net loss of 11.9 million in the fourth quarter of 2017, against a net income of USD 18.1 million seen in the same period a year earlier.

The company said that it ended the year with a net loss of USD 78.9 million, compared to a net income of USD 62.8 million reported in 2016.

Navios Acquisition’s revenue for the quarter ended December 31, 2017, dropped to USD 50.3 million from a revenue of USD 67.2 million in the fourth quarter of 2016. Revenue for the entire year was also down at USD 227.3 million, against USD 290.2 million seen in 2016.

The Board of Directors of Navios Acquisition has authorized a stock repurchase program for up to USD 25 million of Navios Acquisition’s common stock, for two years. The company said that stock repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.

The timing and amount of repurchases under the program will be determined by management based upon market conditions and other factors, according to the company.

Navios Acquisition currently owns 36 vessels, of which eight are VLCCs, 26 are product tankers and two are chemical tankers.

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