Navios Maritime Closes Offering

27 October 2010 (Last Updated October 27th, 2010 18:30)

Navios Maritime Acquisition Corporation, with its wholly owned finance subsidiary Navios Acquisition Finance (US), has completed the sale of eight 5 / 8% first priority ship mortgage notes due in 2017, equivalent to $400m. The notes are secured by first priority ship mortgages on s

Navios Maritime Acquisition Corporation, with its wholly owned finance subsidiary Navios Acquisition Finance (US), has completed the sale of eight 5 / 8% first priority ship mortgage notes due in 2017, equivalent to $400m.

The notes are secured by first priority ship mortgages on six very large crude carrier vessels (VLCC) aggregating approximately 1.8 million dwt owned by subsidiary guarantors.

The company said the notes are guaranteed by each of Navios Acquisition’s direct and indirect subsidiaries.

The firm plans to use part of the proceeds to repay debt.