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Saturday, September 24, 2016

Navios Delivers 3 Newbuild Capesize Vessels

August 3, 2009

Navios Maritime Holdings Inc. (NYSE:NM) a global, vertically integrated seaborne shipping and logistics company, announced that it took scheduled delivery in June and July, 2009 of three newbuild Capesize vessels, constructed by South Korean shipyards.

Navios Holdings also announced that it issued a $20m unsecured Bond due 2012 having a coupon of 6% to fund a portion of the purchase price due. A more detailed description of the vessels and an overview of certain material terms of the Bond are set forth below.

The three vessels will be employed under existing long-term charter-out contracts that will generate a total annual EBITDA of approximately $46.6 million*. These contracts have been insured by an AA+ EU governmental agency.

Two of the vessels are financed with 10-year term facility for $120m with a margin at 190 bps. The third vessel is financed with a 10-year term facility for $60m with margin at 225 bps.

Terms of $20m 6% Unsecured Bond

Navios Holdings issued a $20m unsecured bond due 2012 in partial payment of the purchase price due. The Debt Security is not convertible into any securities of Navios Holdings and is structurally subordinated to the existing $300m Senior Note outstanding and those other obligations which are guaranteed by Navios Holdings' subsidiaries. Interest will accrue on the principal amount of the Debt Security at the rate of 6% per annum. All accrued interest (which will not be compounded) will be first due and payable in July 2012, on the maturity date. The Debt Security may be prepaid by the Navios Holdings at any time without prepayment penalty.

Including the new Capesize vessels, Navios Holdings has extended the coverage of its core fleet (excluding vessels acquired through the Kleimar N.V. transaction) to 98.2% for 2009, 78.3% for 2010, 61.2% for 2011 and 55.5% for 2012.

Navios Holdings currently operates 38 vessels with an aggregate carrying capacity of 3.3 million deadweight tons. Including vessels to be delivered, Navios Holdings controls 57 vessels with an aggregate carrying capacity of 6.0 million deadweight tons.

(www.navios.com)



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