Greek shipping line Navios Maritime said it will raise nearly $375m through the private placement of notes and use part of the proceeds to repay debts.

The company also expects the proceeds to finance two vessels scheduled to be delivered in early 2010.

The notes to be issued are expected to be guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings’ existing 9.5% senior notes due in 2014.

The notes will be secured by first priority ship mortgages on 15 drybulk vessels aggregating nearly 1.1 million dwt tonnes owned by certain subsidiary guarantors.

Navios Maritime is a shipping and logistics company focused on the transport and transshipment of drybulk commodities, including iron ore, coal and grain.