Navios Partners seals $100m equity issue

Greek owner closes the book on a growth capital raise led by Fearnley Securities.

Navios Maritime Partners has set the scene for further expansion after closing a $100m equity offer.

New York-listed Navios Partners printed 47,795,000 new shares at $2.10 each in a sale fort which Fearnley Securities was the sole manager.

Navios Partners first unveiled the fundraiser last week with financial sources at the time noting it was seeking to raise growth capital.

Analysts at JP Morgan have suggested pairing the new cash with bank debt would allow the owner to buy 10 or 11 panamaxes or six to seven capesizes, depending on age.

However, in a report last night analyst Noah Parquette suggested the dropdown of some liner assets from Navios Maritime Partners could be a more suitable options for Navios Partners.

Navios Maritime Holdings will have a 20.9% stake in the MLP following the shares sale.