Navios Maritime Partners has repaid its $418.5m Term Loan B via a series of refinancing measures.
The refinancing includes a $301m financing from commercial banks, $49.5m through sale and leaseback transactions, and $66.7m from cash on its balance sheet.
Angeliki Frangou, chairman and CEO of Navios Partners, commented: “We are pleased with the refinancing of the Term Loan B as we devoted a great deal of effort to achieving this result. Through a combination of cash, commercial bank debt and sale and leaseback transactions, we materially reduced our cost of capital and strengthened our balance sheet.”
Navios Partners, which operates 37 dry bulk vessels, now has no debt maturities until Q4 2021.