Navios Europe Inc. Closes Transaction With HSH Nordbank AG
December 18 2013 - 9:29AM
Marketwired
Navios Europe Inc. Closes Transaction With HSH Nordbank AG
PIRAEUS, GREECE--(Marketwired - Dec 18, 2013) -
- Innovative Financing Structure
- Ten vessels with FMV of approximately $218 million
- Strategic Partnership with HSH for further acquisitions
Navios Europe Inc. ("Navios Europe") today announced the closing
of the transaction for the acquisition of ten vessels from debtors
of HSH Nordbank AG ("HSH").
The ten vessels are five tankers and five container vessels with
an average age of 6.0 years and a current fair market value of
approximately $218 million. Five vessels have already been
delivered to Navios Europe's fleet with the remaining vessels
expected to be delivered by the end of 2013.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"This innovative financing structure provides relief to distressed
assets from bankruptcy and places them into Navios's stable
ownership, thereby leveraging our economies of scale and superior
technical and commercial management. Navios and HSH are committed
to their excellent working relationship and look forward to doing
similar deals in near future."
Fleet Purchase Price The purchase price consists of $127.8
million in cash and the assumption of $173.4 million Subordinated
HSH Participating Loan ("HSH Sub Loan"). The cash payment is
funded by $120.4 million senior bank debt and $10 million
investment from Navios Maritime Holdings Inc. (NYSE: NM) ("Navios
Holdings"), Navios Maritime Acquisition Corporation (NYSE: NNA)
("Navios Acquisition") and Navios Maritime Partners L.P. (NYSE:
NMM) ("Navios Partners"). The senior bank debt is secured by a
first priority mortgage on the vessels and does not include any
holding company guarantees from the Navios public entities.
Navios Holdings, Navios Acquisition and Navios Partners will
provide additional working capital ("Navios Working Capital Loans")
to Navios Europe on a priority basis. The Navios Working Capital
Loans will accrue interest at 12.7%.
The material terms of the transaction were generally in
accordance with the letter of intent signed with HSH in April
2013.
Strategic Partnership HSH has agreed to provide Navios Group the
opportunity to acquire more vessels at terms no less favorable than
this transaction.
Fleet Exhibit
Tankers |
|
|
|
Vessel |
Vessel Type |
Built |
DWT |
Star N |
MR1 |
2009 |
37,872 |
Hector N |
MR1 |
2008 |
38,402 |
Perseus N |
MR1 |
2009 |
36,264 |
Aurora N |
LR1 |
2008 |
63,495 |
Lumen N |
LR1 |
2008 |
63,599 |
|
|
|
|
Containers |
|
|
|
Vessel |
Vessel Type |
Built |
TEU |
Fesco Almathea |
Panamax |
2007 |
3,091 |
Protostar N |
Sub Panamax |
2007 |
2,741 |
Esperanza N |
Sub Panamax |
2008 |
2,007 |
Harmony N |
Sub Panamax |
2006 |
2,824 |
Solar N |
Panamax |
2006 |
3,398 |
|
|
|
|
About Navios Europe Navios Europe is an owner and operator of
container and tanker vessels. Navios Europe is owned 47.5% by
Navios Maritime Holdings Inc. (NYSE: NM) ("Navios Holdings"), 47.5%
by Navios Maritime Acquisition Corporation (NYSE: NNA) ("Navios
Acquisition") and 5% by Navios Maritime Partners L.P. (NYSE: NMM)
("Navios Partners")
Navios Europe Inc. www.navios.com investors@navios.com
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