Navios Logistics Offers Cash Tender, Consent Solicitation

MarineLink.com
Wednesday, April 09, 2014
Photo: Navios South American Logistics Inc.

Navios South American Logistics Inc. announced today that it and Navios Logistics Finance (U.S.) Inc., its wholly-owned finance subsidiary, have commenced a cash tender offer for any and all of their outstanding 9 1/4% senior notes due 2019 and a consent solicitation to eliminate or modify most of the restrictive covenants and certain events of default and make other changes to provisions contained in the indenture governing the 2019 notes.

The offer is scheduled to expire at midnight, New York City time, on May 5, 2014, unless extended or earlier terminated by the co-issuers. Tendered 2019 notes may be withdrawn at any time at or prior to midnight, New York City time, on April 21, 2014, unless extended or earlier terminated by the co-issuers. Other than as required by applicable law, tendered 2019 notes may not be withdrawn after the consent payment deadline. Holders tendering their 2019 notes at or prior to the consent payment deadline will be required to consent to certain proposed amendments to the indenture governing the 2019 notes.

Holders who validly tender (and do not validly withdraw) their 2019 notes at or prior to the consent payment deadline will be eligible to receive total consideration of $1,076.37 per $1,000 principal amount of 2019 notes, which includes a cash consent payment of $30 per $1,000 principal amount of 2019 notes tendered. The offer contemplates an initial payment date, so that holders whose 2019 notes are validly tendered at or prior to the consent payment deadline and accepted for purchase should expect to receive payment as early as April 22, 2014.

Holders who validly tender their 2019 notes after the consent payment deadline but at or prior to the expiration time will not be eligible to receive the consent payment, but will be eligible to receive the tender offer consideration of $1,046.37 per $1,000 principal amount of 2019 notes tendered.

Holders who validly tender (and do not validly withdraw) their 2019 notes also will be paid accrued and unpaid interest up to, but not including, the applicable date of payment for the tendered 2019 notes (if such 2019 notes are accepted for purchase).

The co-issuers' obligation to accept for purchase, and to pay for, 2019 notes and consents validly tendered and not validly withdrawn pursuant to the offer is conditioned upon the satisfaction or waiver of certain conditions, including at least a majority in outstanding principal amount of 2019 notes having been validly tendered (and not withdrawn) and consents with respect thereto having been validly delivered (and not revoked) pursuant to the offer. In addition, the offer is conditioned upon the co-issuers having completed a new debt financing transaction on terms acceptable to the co-issuers.

The terms of the offer are described in the co-issuers' offer to purchase and consent solicitation statement dated April 8, 2014.

The co-issuers have engaged Morgan Stanley & Co. LLC to act as dealer manager and solicitation agent in connection with the offer. The co-issuers have engaged D. F. King & Co., Inc. to act as information agent and tender agent in connection with the offer.

None of the co-issuers, D. F. King & Co., Inc., the dealer manager or the 2019 notes trustee is making any recommendation as to whether holders should tender the 2019 notes in response to the offer.

navioslogistics.com

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Finance

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

News

China's Maritime Advances Worry US

The Director of U.S. National Intelligence, James Clapper, has expressed his concern at the progress of China in maritime zones it shares with its neighbors, accused

British Queen to Name New Ship

Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh.

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

Barges

Conrad Shipyard Bags LNG Order

Energy infrastructure and LNG solutions provider WesPac Midstream and its subsidiary Clean Marine Energy (CME) have awarded a contract to Conrad Orange Shipyard

GTT Receives Order for LNG Bunker Barge

Gaztransport & Technigaz (GTT), a designer of membrane containment systems for the maritime transportation and storage of LNG liquefied natural gas (LNG), announced that its U.

WesPac to Build N. America’s First LNG Bunker Barge

WesPac Midstream LLC (WesPac), a provider of energy infrastructure and liquefied natural gas (LNG) solutions, and its affiliate Clean Marine Energy LLC (CME), the

Logistics

Great Lakes Shipping Worries about Tough Spring

Ice conditions have been causing concern for Great Lakes shipping industry. The satellite images show that the Great Lakes once again almost entirely covered in ice.

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1549 sec (6 req/sec)