Navios Maritime Holdings Inc. Announces Initial Payment for Acquisition of Tanker Vessels
PIRAEUS, Greece, May 19 /PRNewswire-FirstCall/ -- Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM) announced today that it has made the initial payment of $171.7 million for the acquisition of 11 product and chemical tanker vessels. The installment was funded by $133.0 million drawn from two credit facilities and $38.7 million from available cash. The $206.0 million balance will be paid in installments ending with delivery of the vessels. The initial payment has not yet been made for the two additional product tankers that are part of the 13 vessel fleet.
Navios Holdings has previously announced a definitive agreement pursuant to which it will sell the 13 vessel fleet, comprised of 11 product tankers and two chemical tankers to Navios Maritime Acquisition Corporation ("Navios Acquisition") at cost (an aggregate of $457.7 million for 13 vessels). However, if Navios Acquisition's stockholders do not approve the vessel acquisition at the special stockholders meeting to be held Tuesday, May 25, 2010, Navios Holding will acquire and manage this fleet.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information please visit our website: www.navios.com.
Navios Holdings may, from time to time, be required to offer certain owned Capesize and Panamax vessels to Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM) for purchase at fair market value according to the terms of the Omnibus Agreement. For more information please visit its website: www.navios-mlp.com.
