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 Tendered 2019 notes may be withdrawn at any time at or prior to midnight, New York City time, on April 21, 2014, unless extended or earlier terminated by the co-issuers. Other than as required by applicable law, tendered 2019 notes may not be withdrawn after the consent payment deadline.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obligation to accept for purchase, and to pay for, 2019 notes and consents validly tendered and not validly withdrawn pursuant to the offer is conditioned upon the satisfaction or waiver of certain conditions, including at least a majority in outstanding principal amount of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


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

Finance

Recent Strength in Dry Bulk Shipping to be Short-Lived

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging,

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half

Offshore Casualty: Harkand Group Collapses

As the prolonged slump in energy prices continues to drag on a number of oil and gas and maritime players, word has it that Harkand Group has succumbed, according to staff reports and a report on www.

News

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

GPA Will Continue Weighing Containers at No Cost to Shippers

The U.S. Coast Guard announced last week that state-calibrated scales already in use at the Port of Savannah meet a new requirement of the international Safety of Life at Sea (SOLAS) Convention.

ITIC Reports on Ship Agents' Costly Transhipment Errors

International Transport Intermediaries Club (ITIC) says it continues to deal on a regular basis with claims resulting from errors by agents involving transhipment cargoes.

Barges

Great Lakes Shipyard Performs USCG Drydocking

On April 25, Great Lakes Shipyard hauled out the U.S. Coast Guard’s 125’ x 52’ Aids to Navigation Barge (12001). Using the Shipyard’s 770-ton Marine Travelift,

LUKOIL Marine Lubricants Launches Barge in Singapore

Experiencing continued success and growing demand for the supply of marine lubricants, LUKOIL Marine has launched an additional supply barge named LUKOIL Marine.

OMB - Subchapter M Cleared for Publication

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The

Logistics

Recent Strength in Dry Bulk Shipping to be Short-Lived

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging,

Pan Ocean on Recovery Path

S. Korea’s Pan Ocean Co.  is expected to see its earnings improve amid rising Baltic Dry Index (BDI) that affects spot contracts accounting for more than half

GPA Will Continue Weighing Containers at No Cost to Shippers

The U.S. Coast Guard announced last week that state-calibrated scales already in use at the Port of Savannah meet a new requirement of the international Safety of Life at Sea (SOLAS) Convention.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1342 sec (7 req/sec)