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 Tendered 2019 notes may be withdrawn at any time at or prior to midnight, New York City time, on April 21, 2014, unless extended or earlier terminated by the co-issuers. Other than as required by applicable law, tendered 2019 notes may not be withdrawn after the consent payment deadline.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co-issuers' obligation to accept for purchase, and to pay for, 2019 notes and consents validly tendered and not validly withdrawn pursuant to the offer is conditioned upon the satisfaction or waiver of certain conditions, including at least a majority in outstanding principal amount of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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gazprom & Eni Close Rank

Sochi hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Claudio Descalzi, Chief Operating Officer of Eni.

MacGregor's Deck Equipment For Chinese Shipyard

MacGregor, part of Cargotec, has secured a comprehensive deck equipment contract from New Times Shipyard, in China, for Intership Navigation Co Ltd's three new 36,500 dwt Laker-class bulk carriers.

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

Finance

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Shipbuilding Regulations: Cents and Sensibility

Addressing the Jones Act is just one aspect of an increasingly complicated boatbuilding environment. Stovepiped, poorly conceived regulations is another. The sting of the recession is fading,

Ship Broker Clarkson Looks to Acquire Platou

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create

News

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Gazprom & Eni Close Rank

Sochi hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Claudio Descalzi, Chief Operating Officer of Eni.

PGS Moves Asia Pacific HQ to Malaysia

Petroleum Geo-Services ASA : Kuala Lumpur Becomes the New Asia Pacific Regional Headquarters As a part of the plan to restructure PGS business activities

Barges

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Insights: Morton S. Bouchard III

Insights: Morton S. Bouchard  III - President and CEO, Bouchard Transportation Co., Inc. When it comes to iconic, East Coast mainstays of the U.S. maritime industry,

Ice to Close Upper Mississippi from Nov. 20

The shipping season on the upper Mississippi River will end on Thursday as ice surrounding locks and dams near Minnesota's Twin Cities forced the earliest winter

Logistics

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair 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: 0.1804 sec (6 req/sec)