Navios Maritime (NM) Acquires 2011 Handysize Vessel in $26M Deal
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Navios Maritime Holdings Inc. (NYSE: NM), has acquired the Navios Serenity, a 2011-built Handysize vessel of 34,718 DWT, for $26.0 million. The vessel was previously part of Navios Holdings' long-term chartered-in fleet. The improvement to cash flow, as a result of the replacement of the charter-in cost, is estimated at approximately $2.4 million on an annualized basis.
The acquisition of Navios Serenity is financed by a new credit facility of up to $42.0 million with a syndicate of commercial banks. The new facility will also refinance the existing debt of Navios Astra due for repayment in 2013, thus eliminating refinancing risk for 2013.
The new facility has a term of 8 years and is divided in two tranches having amortization profile of 18 and 14 years and margin of 2.85% and 3.6% respectively.
The acquisition of Navios Serenity is financed by a new credit facility of up to $42.0 million with a syndicate of commercial banks. The new facility will also refinance the existing debt of Navios Astra due for repayment in 2013, thus eliminating refinancing risk for 2013.
The new facility has a term of 8 years and is divided in two tranches having amortization profile of 18 and 14 years and margin of 2.85% and 3.6% respectively.
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