NM - Navios Maritime announces $550M of debt financing

Navios Maritime (NYSE:NM) entered into agreements which will provide Navios Holdings with a total of $550M of debt financing. Financing proceeds along with available cash will be used to repay at maturity all of Navios Holdings' outstanding 7.375% First Priority Ship Mortgage Notes due Jan.15, 2022 and redeem $50M of Navios Holdings' outstanding 11.25% Senior Secured Notes due on Aug.15, 2022. Navios Holdings entered into two commercial bank facilities and four sale leaseback agreements in an principal amount of $287M. It also entered into two PIK loan facilities with an entity affiliated with its Chairwoman and CEO which will provide with loans in principal amount of $262.6M.

For further details see:

Navios Maritime announces $550M of debt financing