Navios Maritime Holdings Inc. (NM)

[Ecomike]

This just turned up in my brokerage news:


Navios Maritime and Navios Maritime Finance Propose Private Offering of $375 Million First Priority Ship Mortgage Notes Due 2017
BY CapIQ
— 09:17 AM ET 10/31/2009

Navios Maritime Holdings Inc. (NM announced that it and Navios Maritime Finance (US) Inc. intend to offer through a private placement, subject to market and other conditions, approximately $375 million of first priority ship mortgage notes due 2017 (the 'Notes'). The Notes will be offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 'Securities Act'), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. The Notes to be issued by Navios are expected to be guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings' existing 9-1/2% senior notes due 2014. The Notes will be secured by first priority ship mortgages on 15 drybulk vessels aggregating approximately 1.1 million deadweight tons owned by certain subsidiary guarantors. The net proceeds of the offering are intended to be used to repay borrowings under certain of Navios Holdings' existing credit facilities, as well as to provide additional financing to complete the purchase of two new vessels expected to be delivered in late 2009 and early 2010 (which will then become part of the collateral securing the Notes)."

First I ever heard of NM Finance?