Navios Maritime Acquisition Corporation has struck a $100m plus refinancing package which leaves it without any debt maturing for more than a year.

New York-listed Navios Acquisition says the funds will come via a leaseback deal involving five of its tankers.

It spans three medium range vessels and a pair of LR1s, which have been sold for a combined $103.2m.

Navios Acquisition explains the leaseback element will see it pay $2.3m per quarter plus interest at 350 bps over LIBOR.

Purchase obligations kick in after seven years and are priced at $39.7m.

Cash from the sale will repay debt of $82.4m owned to conventional banks.

Navios chief executive Angeliki Frangou revealed in February the company was closing in on a leaseback deal which would refinance debt due this year and next.

Following today’s announcement, Navios Acquisition will have no bank debt falling due for the next 14 months.

After merging with Navios Maritime Midstream Partners the company has a fleet of more than 40 ships spanning the crude and product markets.