Navios Maritime Acquisition Corporation Announces $103.2 million Sale and Leaseback Transaction
April 17 2019 - 9:15AM
Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, announced
today that it has completed a $103.2 million sale and leaseback
transaction (“Transaction”) for three MR2 product tankers and two
LR1 product tankers. The proceeds have been used to refinance $82.4
million of bank debt.
The Transaction provides for 28 quarterly payments
of $2.3 million each plus interest at LIBOR plus 350 bps per annum.
Navios Acquisition has an obligation to purchase the vessels at the
end of seventh year for $39.7 million.
Navios Acquisition has no further maturities on its
credit facilities for the next 14 months.
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 revenue and
employment contracts. 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 filing
was made. 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 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
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 ContactNavios Maritime
Acquisition
Corporation+1.212.906.8644info@navios-acquisition.com
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