Navios Acquisition Completes Navios Midstream Merger
Greece-based Navios Maritime Acquisition Corporation announced that it completed the acquisition of Navios Maritime Midstream Partners. "Following the close of the market on December 13, Navios Midstream common units no longer are publicly traded on the New York Stock Exchange," said a press release from the owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.Angeliki Frangou, Chairman and Chief Executive Officer, stated “We are pleased to close this important transaction, which provides Navios Acquisition with a number of benefits, including a simplified corporate structure, larger asset base and enhanced credit profile.
Navios Maritime Containers Raises USD 30mln
Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it has already completed a private placement of common shares, totaling $30.0 million, which is expected to close on March 13, 2018. Navios Containers will issue approximately 5,450,000 common shares at a subscription price of $5.50 per common share for an aggregate of $30.0 million of gross proceeds. The net proceeds will be used for general corporate purposes, including vessel acquisitions. Navios Maritime Holdings and Navios Maritime Partners have subscribed for $15.0 million in the private placement and thus will own approximately 39% of the outstanding share capital upon closing.
Navios Maritime Closes $35M Offering
Owner and operator of container and dry bulk vessels Navios Maritime Partners L.P. has closed the previously announced offering of approximately 18.4 million common units at $1.90 per common unit, raising approximately $35.0 million of gross proceeds. Navios Partners will use the net proceeds of the offering for general working capital purposes, including vessel acquisitions. Following the closing, Navios Partners will have 167,589,764 common units and 3,420,203 general partner units outstanding. This includes $5.0 million of common units purchased by Navios Maritime Holdings Inc., and the purchase of general partner units by Navios GP L.L.C., our general partner, a wholly-owned subsidiary of Navios Holdings, to maintain its 2.0% general partner interest in Navios Partners.
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.
Grandunion Controls Aries Maritime Transport
Aries Maritime Transport Limited (NASDAQ:RAMS) announced that Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.
Navios Announces Exercise of Underwriters' Over-Allotment Option and Closing of Offering
Navios Maritime Holdings Inc., announced that the underwriters of its recent common share offering exercised the full over-allotment option granted to them by Navios. As a result of the exercise, Navios sold an additional 1,725,000 shares, bringing the total to 13,225,000 shares sold, resulting in total net proceeds of $124.8 million after deducting the underwriter discount and estimated offering expenses. Concurrent with the exercise of the over- allotment, Navios announced the closing of the share offering originally announced on May 16, 2007. J.P. Morgan Securities Inc. and Merrill Lynch & Co. acted as joint bookrunning managers of the offering. S. Goldman Advisors LLC and Dahlman Rose & Company acted as co-managers.
