Navios Readies for Rickmers Vessel Acquisition
Navios Maritime Containers announced that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share.
Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet that Navios Maritime Partners previously agreed to purchase from Rickmers Maritime as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close in full on or about June 1, 2017.
Navios Partners will invest $30 million and receive 40% of the equity, and Navios Maritime Holdings will invest $5 million and receive 6.67% of the equity of Navios Containers.
Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.
The Fleet vessels are expected to be delivered starting the week of May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part.
Navios Containers also announced today that it intends to file an application to register on the Norwegian Over-The-Counter market (N-OTC). Navios Containers expects to be registered on or about June 1, 2017.
Fearnley Securities acted as the sole lead manager. S. Goldman Advisors LLC acted as structuring advisor and US placement agent.
