Navios Partners Prices New USD 405 Mn Loan
- Business & Finance
Greek owner and operator of container and dry bulk vessels Navios Maritime Partners has priced its new USD 405 million term loan B facility.
The company said that the term loan B facility, which has a three and a half year term, was priced at LIBOR + 500 basis points.
Navios Partners intends to use the net proceeds of the loan to refinance the existing term loan B and to pay fees and expenses related to the term loans.
The shipowner expects the financing to close on March 14, 2017, subject to customary closing conditions.
“The commitments in respect of the facility and the terms and conditions thereof remain subject to the execution of definitive documentation,” Navios Partners said.
Earlier in February, the company unveiled its intentions to launch syndication of a USD 400 million term loan B, subject to market conditions.
During 2016, Navios Partners saw red ink as it plunged to a net loss of USD 52.5 million for the year ended December 31, 2016, compared to a net income of USD 41.8 million seen in the previous year.
The result was negatively affected by USD 27.2 million of impairment loss on the sale of the 13,100 TEU containership MSC Cristina, sold for USD 125 million, and the 52,073 dwt Navios Apollon, sold for a total net sale price of USD 4.8 million.
Despite the drop in numbers, Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, said: “I am pleased with the results for 2016, a year of many challenges.”