Navios Maritime Holdings has taken back a large piece of $305m in high-interest debt that it sold in late 2017 and is scheduled to mature in August.

The Angeliki Frangou-led bulker owner said it will redeem $25m of the senior secured notes, plus any accrued or unpaid interest up to the 17 May redemption date. The notes have a coupon rate of 11.25%.

Once the transaction is complete, Navios Holdings will have $105m of these notes outstanding.