Navios seals loan
Navios Maritime Partners has put the finishing touches on a $250m loan from a syndicate of nine banks.
The New York-listed bulker owner, a spin-off of Angeliki Frangou’s Navios Maritime Holdings, is aiming to use some of the new cash to pay for a recently acquired quartet of bulkers, including two newbuilding resales.
The Piraeus-based company announced in April that it bought the ships, ranging in size from 76,600-dwt to 180,000-dwt, for $108m.
The remainder of the loan proceeds will be used to pay down other debt.
The five-year term loan is secured by first-priority mortgages on some of Navios Partners’ fleet. The loan was priced at Libor plus 425 basis points.
Morgan Stanley, JP Morgan and Citigroup are acting as lead arrangers in the deal, with S Goldman Advisors, ABN Amro, BNP Paribas, Credit Agricole, Deutche Bank and DVB joining in as co-arrangers.