Navios Acquisition refinances 10 product tankers via sale and leaseback arrangements

Angeliki Frangou’s Navios Acquisition has revealed a series of sale and leaseback transactions in its latest set of quarterly results.

A single product tanker was entered into a $15m sale and lease back arrangement with a maturity of five years, and an effective interest at LIBOR plus 345 bps per annum.

Six other product tankers were entered into a $90.8m sale and lease back arrangement, to be repaid over a period of 6.4 years on average, and a repurchase obligation of up to $25.9m in total. The transactions interest is at LIBOR plus a margin varying between 335 bps to 355 bps per annum.

Lastly, three more product tankers were financed via a $47.2m sale and lease back to be repaid through a period of 5.5 years on average. The deal includes a repurchase obligation of up to $19.2 in total, and the deal bears interest at LIBOR plus a margin ranging from 350 bps to 360 bps per annum.

Additionally, Navios said it was currently negotiating a new $31.8m bridge financing with a commercial bank to finance a single VLCC under short term maturity of less than a year.