Navios Maritime Holdings Inc. Announces Preliminary Results of the Series G ADS Exchange Offer
April 15 2019 - 8:33AM
Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”)
today announced the preliminary results of its previously launched
exchange offer (the “Series G ADS Exchange Offer”) to exchange cash
and/or newly issued 9.75% Senior Notes due 2024 (the “Notes”) for
approximately 66 2/3% of the outstanding American Depositary
Shares, representing 1/100th of a share of 8.75% Series G
Cumulative Redeemable Perpetual Preferred Stock (the “Series G
ADSs”).
The Series G ADS Exchange Offer expired at 11:59
PM, New York City time, on Friday, April 12, 2019. Based on
information provided by the exchange agent, the Bank of New York
Mellon, a total of 900,950 Series G ADSs, representing
approximately 63.5% of the outstanding Series G ADSs, were properly
tendered and not properly withdrawn prior to the expiration of the
Series G ADS Exchange Offer. Of the total 900,950 Series G ADSs
tendered, 31,720 Series G ADSs were tendered through notice of
guaranteed delivery.
The Company expects to accept all of the 900,950
Series G ADSs properly tendered. The Company expects to pay a total
of approximately $4.5 million in cash consideration and a total of
approximately $3.9 million in aggregate principal amount of Notes,
subject to adjustment for fractional shares.
The number of Series G ADSs tendered and not
withdrawn are preliminary and are subject to verification by the
Bank of New York Mellon as Depositary and the proper delivery of
all Series G ADSs tendered (including those tendered pursuant to
guaranteed delivery procedures). The final number of Series G ADSs
properly tendered and not properly withdrawn will be announced
promptly following the guaranteed delivery period and completion of
the verification process. Delivery of the cash consideration and/or
Notes consideration in exchange for the tendered Series G ADSs will
be made promptly.
Important Notices and Additional
Information
This press release is for informational purposes
only. This press release is neither an offer to purchase nor a
solicitation to buy any of the existing Series G ADSs or the
underlying preferred shares of the Series G ADSs. This press
release shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is
unlawful.
In connection with the Series G ADS Exchange
Offer, the Company filed with the SEC a Registration Statement on
Form F-4 that included a Prospectus, as it was amended or
supplemented (the “Prospectus”) and other related documents, which
fully describe the terms and conditions of the Series G ADS
Exchange Offer. The Series G ADS Exchange Offer was made solely by,
and pursuant to, the terms of the Prospectus.
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 the Company’s
website: www.navios.com.
Forward-Looking Statements
This press release contains forward-looking
statements concerning future events and expectations including with
respect to the completion of the Series G ADS Exchange Offer.
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
Navios Maritime (NYSE:NM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Navios Maritime (NYSE:NM)
Historical Stock Chart
From Apr 2023 to Apr 2024