Navios Maritime Partners L.P. Announces Pricing of a $53 million Incremental Term Loan under its Existing Term Loan B Facilit...
August 03 2017 - 4:44PM
Navios Maritime Partners L.P. ("Navios Partners") (NYSE:NMM), an
international owner and operator of container and dry bulk vessels,
announced today the pricing of a $53 million incremental term loan
under its existing Term Loan B facility, dated March 14,
2017.
The incremental term loan bears interest at LIBOR + 5.00%.
Navios Partners intends to use the net proceeds of the
incremental term loan to (i) fund the previously announced
acquisition of three new vessels, which will secure the Term Loan B
facility upon delivery, and (ii) for general corporate
purposes.
Morgan Stanley Senior Funding, Inc. acted as sole lead arranger
and sole book-runner for the syndication of the incremental term
loan and S. Goldman Advisors, LLC acted as co-manager.
Navios Partners expects the incremental
financing to close on or about August 10, 2017, subject to
customary closing conditions. The commitments in respect of
the facility and the terms and conditions thereof remain subject to
the execution of definitive documentation.
About Navios Maritime Partners L.P.
Navios Partners (NYSE:NMM) is a publicly traded master limited
partnership which owns and operates container and dry bulk vessels.
For more information, please visit our website at
www.navios-mlp.com.
Forward-Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events including Navios Partners’ cash flow
generation for the remainder of 2017, future contracted revenues,
future distributions and its ability to have a dividend going
forward, opportunities to reinvest cash accretively in a fleet
renewal program or otherwise, potential capital gains, our ability
to take advantage of dislocation in the market and Navios Partners’
growth strategy and measures to implement such strategy; including
expected vessel acquisitions and entering into further time
charters. Words such as “may”, “expects”, “intends”, “plans”,
“believes”, “anticipates”, “hopes”, “estimates”, and variations of
such words and similar expressions are intended to identify
forward-looking statements. Such statements include comments
regarding expected revenue and time charters.
These forward-looking statements are based on the information
available to, and the expectations and assumptions deemed
reasonable by Navios Partners at the time these statements were
made. Although Navios Partners believes that the expectations
reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have
been correct. These statements involve known and unknown
risks and are based upon a number of assumptions and estimates
which are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of Navios
Partners. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, uncertainty relating to global trade, including
prices of seaborne commodities and continuing issues related to
seaborne volume and ton miles, our continued ability to enter into
long-term time charters, our ability to maximize the use of our
vessels, expected demand in the dry cargo shipping sector in
general and the demand for our Panamax, Capesize, Ultra-Handymax
and Container vessels in particular, fluctuations in charter rates
for dry cargo carriers and container vessels, the aging of our
fleet and resultant increases in operations costs, the loss of any
customer or charter or vessel, the financial condition of our
customers, changes in the availability and costs of funding due to
conditions in the bank market, capital markets and other factors,
increases in costs and expenses, including but not limited
to: crew wages, insurance, provisions, port expenses, lube oil,
bunkers, repairs, maintenance and general and
administrative expenses, the expected cost of,
and our ability to comply with, governmental
regulations and maritime self-regulatory organization standards, as
well as standard regulations imposed by our charterers applicable
to our business, general domestic and international political
conditions, competitive factors in the market in which Navios
Partners operates; risks associated with operations outside the
United States; and other factors listed from time to time in Navios
Partners’ filings with the Securities and Exchange Commission,
including its Form 20-Fs and Form 6-Ks. Navios Partners
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Partners’
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Partners makes no prediction or statement about the performance of
its common units.
Public & Investor Relations Contact:
Navios Maritime Partners L.P.
+1.212.906.8645
Investors@navios-mlp.com
Nicolas Bornozis
Capital Link, Inc.
+1.212.661.7566
naviospartners@capitallink.com
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