Navios Maritime Acquisition lends $50m to its sister company
Tanker owner Navios Maritime Acquisition Corporation has agreed to provide a revolving loan facility of up to $50m to Navios Maritime Holdings, which the bulk carrier owner will use “for general corporate purposes”.
NYSE-listed Navios Maritime Holdings posted a $104m adjusted net loss in its results for the financial year 2015, published in late February.
The loan, which was agreed on Wednesday, must be repaid by December 31, 2018 and bears an interest rate based on LIBOR plus 3% per annum. Any amounts prepaid will be available for re-borrowing, the lender said.
The revolver will be guaranteed by Navios Holdings Europe Finance, part of Navios Holdings. It will secured by all of the guarantor’s ownership interests in Navios Europe Holdings and 8m common units of Navios Holdings’ stake in Navios Maritime Partners.
Navios Maritime Holdings said in November it would commence a share repurchase programme and has suspended dividend payments in order to weather the depressed dry bulk shipping market.
