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Navios accepts $266.26 million early tendered notes, calls remainder
By Marisa Wong
Morgantown, W.Va., Nov. 21 – Navios Maritime Holdings Inc. said it accepted for payment all $266,261,000 of 8 1/8% senior notes due 2019 tendered as of 5 p.m. ET on Nov. 20, the early tender deadline of its previously announced tender offer.
The early tendered notes were purchased on Nov. 21, leaving $24,833,000 principal amount of notes outstanding.
On Nov. 6, Navios began the cash tender offer for its 8 1/8% senior notes due 2019 issued jointly with subsidiary Navios Maritime Finance II (US) Inc.
The issuers offered $1,003.75 per $1,000 principal amount for notes tendered by the early deadline.
After the early deadline, the price will be $973.75 per $1,000 principal amount, which is the total consideration less the $30.00 per $1,000 early tender premium.
In both cases Navios will pay accrued interest up to but excluding the date of payment.
The tender ends at midnight ET on Dec. 5.
On Tuesday, the co-issuers announced that they will redeem for cash on Dec. 21 all notes that remain outstanding after completion of the tender offer. The outstanding notes will be redeemed at par plus accrued interest to the redemption date.
Completion of the tender is subject to conditions including completion of a debt financing transaction, as previously noted.
Navios priced $305 million of senior secured notes due 2022 on Nov. 14, according to a separate announcement.
Morgan Stanley & Co. LLC is dealer manager (800 624-1808 or 212 761-1057) for the tender offer. D.F. King & Co., Inc. (800 669-5550 or 212 269-5550) is information agent and tender agent.
Navios is a Monaco-based shipping company focused on dry bulk commodities, including iron ore, coal and grain.
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