Navios Acquisition refinances 10 product tankers via sale and leaseback arrangements

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts