Navios Maritime Acquisition completes refinancing of debt

Navios Maritime Acquisition completes refinancing of debt

Navios Maritime Acquisition Corporation has completed the repayment of its $196.8m of term loan.

The company funded the repayment through $153m worth of sale and leaseback transactions, $31.8m of financing from commercial bank and $12m cash.

The loan has been paid off earlier than the deadline of June 2020, resulting in the company having no debt maturities until third quarter of 2020.

“We are pleased with the repayment of the Term Loan B as we devoted a great deal of effort to achieving this result. Through a combination of sale-and-leaseback transactions, commercial bank debt and cash, we extended the maturities of our debt through 2027, reduced our cost of capital and strengthened our balance sheet,” said Angeliki Frangou, chairman and CEO of Navios Maritime Acquisition.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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