Tanker shipping company Navios Maritime Acquisition Corporation has wrapped up a USD 103.2 million sale and leaseback transaction for vessel quintet.
As informed, the transaction included three MR2 and two LR1 product tankers.
Navios Acquisition has used the proceeds to refinance USD 82.4 million of bank debt.
Specifically, the transaction provides for 28 quarterly payments of USD 2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of the seventh year for USD 39.7 million.
Navios Acquisition added it has no further maturities on its credit facilities for the next 14 months.
Earlier this month, the company said it also sold C. Dream, the oldest vessel in Navios Acquisition’s fleet. The very large crude carrier (VLCC) was sold for USD 21.75 million.