Navios Holdings to Sell USD 300 Mn of Senior Notes

- Nov 07, 2017-

navios-1.jpgThe company, together with Navios Maritime Finance II (US) Inc., its finance subsidiary, intends to offer and sell the notes in the United States “only to persons reasonably believed to be qualified institutional buyers.”

The notes will be secured by a first priority lien on the capital stock owned by certain of the subsidiary guarantors of Navios Holdings in each of Navios Maritime Partners, L.P., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Maritime Containers Inc.

Additionally, the company informed that the notes would be guaranteed by all of its direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios South American Logistics Inc.

Net proceeds from the offering would be used to complete a cash tender offer for any and all of its outstanding 8⅛% Senior Notes due 2019 and to redeem any and all such notes that are not purchased in the tender offer after all conditions to the tender offer are satisfied or waived, including the payment of related fees and expenses and any redemption premium, with any remaining proceeds to be used for general corporate purposes.

In a separate announcement Navios Maritime Holdings said that its net loss for the three-month period ended September 30 widened to USD 28.3 million, compared with a net loss of USD 27.5 million reported in the same quarter a year earlier.

The average time charter equivalent rate (TCE) rate for the three month period ended September 30, 2017 was USD 9,481 per day, 5.2% per day higher than the rate achieved in the same period in 2016, mainly due to the improved freight market.

The company’s revenue for the quarter increased to USD 120.5 million from USD 113 million seen in the corresponding quarter of 2016. Revenue from dry bulk vessel operations was USD 61 million as compared to USD 49.7 million for the same period in 2016. The increase in dry bulk revenue was mainly driven by the increase in TCE per day and an increase in available days of long-term charter-in fleet.


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