Navios Maritime launches $250 million term B at Libor plus 375-400 bps

By Sara Rosenberg

New York, June 4 - Navios Maritime Partners LP launched its $250 million five-year senior secured term loan B (Ba3) on Tuesday with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year and amortization of 1% per annum, with the balance due at maturity.

Commitments are due at noon ET on June 18, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint lead arrangers on the deal.

Proceeds will be used to refinance an existing credit facility and fund the acquisition of new vessels.

Navios is a Piraeus, Greece-based owner and operator of tanker vessels.

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