Navios Maritime Acquisition Corporation Announces Repayment of its Term Loan B
October 21 2019 - 9:12AM
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE: NNA), an owner and operator of tanker vessels, announced
today the repayment of its Term Loan B on October 18, 2019.
Angeliki Frangou, Chairman and Chief Executive
Officer of Navios Acquisition stated, “We are pleased with the
repayment of the Term Loan B as we devoted a great deal of effort
to achieving this result. Through a combination of
sale-and-leaseback transactions, commercial bank debt and cash, we
extended the maturities of our debt through 2027, reduced our cost
of capital and strengthened our balance sheet.”
The outstanding balance of the Term Loan B at
June 30, 2019 was $196.8 million and was repayable in June 2020.
Navios Acquisition funded the repayment as follows:
|
1) |
$153.0 million financing through sale and leaseback transactions.
The sale and leaseback transactions have average (a) amortization
profile of approximately 17 years on an age-adjusted basis, (b)
annual interest of LIBOR plus a margin ranging from 335 bps to 360
bps and (c) maturity of 6 years; |
|
|
2) |
$31.8 million financing from
commercial bank, with (a) amortization profile of approximately 10
years on an age-adjusted basis, (b) annual interest of LIBOR plus
280 bps, and (c) maturity of 1 year; and |
|
|
3) |
$12.0 million from cash on
balance sheet. |
|
Following the completion of the repayment of the
Term Loan B, Navios Acquisition has no debt maturities until Q3
2020.
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker
vessels focusing on the transportation of petroleum products (clean
and dirty) and bulk liquid chemicals. For more information about
Navios Acquisition, please visit our website:
www.navios-acquisition.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 Navios
Acquisition’s future dividends, expected cash flow generation and
Navios Acquisition’s growth strategy and measures to implement such
strategy; including expected vessel acquisitions and entering into
further employment contracts. 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 benefits from our
refinancings. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time this press
release was issued. Although Navios Acquisition 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 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 Acquisition. 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 the
creditworthiness of our charterers and the ability of our contract
counterparties to fulfill their obligations to us, tanker industry
trends, including charter rates and vessel values and factors
affecting vessel supply and demand, the aging of our vessels and
resultant increases in operation and dry docking costs, the loss of
any customer or charter or vessel, our ability to repay outstanding
indebtedness, to obtain additional financing and to obtain
replacement charters for our vessels, in each case, at commercially
acceptable rates or at all, 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,
potential liability from litigation and our vessel operations,
including discharge of pollutants, general domestic and
international political conditions, competitive factors in the
market in which Navios Acquisition operates; risks associated with
operations outside the United States; and other factors listed from
time to time in the Navios Acquisition’s filings with the SEC,
including its annual and interim reports filed on Form 20-F and
Form 6-K. Navios Acquisition 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 Acquisition’s expectations with respect thereto or any
change in events, conditions or circumstances on which any
statement is based. Navios Acquisition makes no prediction or
statement about the performance of its common stock.
Investor Relations Contact Navios Maritime
Acquisition Corporation +1.212.906.8644
info@navios-acquisition.com
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