Navios Maritime Holdings Inc. Obtains $70 Million Secured Loan
September 19 2016 - 4:54PM
Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”)
(NYSE:NM) announced today that it entered into a $70.0 million
secured loan facility (the "Loan Facility") maturing in November
2018. The Loan Facility provides the Company with additional
financial flexibility for working capital including the
repurchase of debt and/or equity securities.
The Loan facility bears interest of 8.75%,
compounded semi-annually, and is secured by (1) all of the
Company's interest in Navios Maritime Acquisition Corporation,
composed of 65,301,220 shares of common stock and 1,000 preferred
shares (convertible into 7,676,000 shares of common stock), and (2)
78.5% of the Company's interest in Navios South American Logistics
Inc, composed of 10,021 shares. Interest shall accrue and be
payable upon the maturity of the loan.
A 1% fee was payable on the closing.
About Navios Maritime Holdings
Inc.
Navios Maritime Holdings Inc. (NYSE:NM) is a
global, vertically integrated seaborne shipping and logistics
company focused on the transport and transshipment of drybulk
commodities including iron ore, coal and grain. For more
information about Navios Holdings please visit our website:
www.navios.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 and expectations
including with respect to the Company’s ability to stay in
compliance with the NYSE’s continued listing standards. Although
Navios Holdings believes that the expectations reflected in such
forward-looking statements are reasonable at the time made, 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 Holdings. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Navios Holdings 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 Holdings' expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com
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