MaritimeNews ® 16-Oct-2019 12:40
Navios Lumen bulk carrier. Source: Flickr - under the CC BY-NC-SA 2.0 license; Image by: Kees Torn
Navios Maritime Partners, an owner and operator of dry cargo vessels, managed to repay a major loan amounting to USD 418.5 million by combining three types of refinancing.
“We are pleased with the refinancing of the Term Loan B as we devoted a great deal of effort to achieving this result,” Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, commented.
“Through a combination of cash, commercial bank debt and sale and leaseback transactions, we materially reduced our cost of capital and strengthened our balance sheet.”
The Term Loan B was repayable in September 2020.
Announced on October 10, the refinancing was funded with USD 301.3 million financing from commercial banks, USD 49.5 million financing through sale and leaseback transactions and USD 67 million from cash on balance sheet.
Following the completion of the refinancing, Navios Partners has extended the maturities of its debt through 2029.
The company, which suffered a loss of USD 16.05 million in H1 2019, compared to a loss of USD 24.06 million seen in the corresponding period a year earlier, added that there are no debt maturities until Q4 2021.
Navios Partners operates 37 vessels with a carrying capacity of 4.3 million dwt and an average age of 10.3 years on a dwt basis.
-Source: worldmaritimenews.com
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