EuropeFinance and InsuranceTankers
Navios Acquisition seals sale and leaseback for five product tankers
Navios Maritime Acquisition Corporation has completed a $103.2m sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers.
Navios Acquisition says that proceeds have been used to refinance $82.4m of bank debt. It will charter the vessels back for seven years, making 28 quarterly payments of $2.3m each plus interest at LIBOR plus 350 bps per annum.
At the end of the seventh year, Navios Acquisition is obligated to buy the vessels back for a total of $39.7m.