Marine Link
Wednesday, November 22, 2017

Navios to Sell Two VLCCs

June 18, 2015

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that it has agreed to sell the C. Dream, a 2000-built VLCC of 298,570 dwt, and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, to Navios Maritime Midstream Partners L.P. for a total consideration of $100 million, payable in the form of $73 million in cash and $27 million in a new class of subordinated units.

Τhe new class of subordinated units, with respect to liquidation, will be senior to the existing subordinated units and junior to the common units. The new class of subordinated units will be subordinated for three years from the date of issuance and automatically convert to common units at such time.


Navios Acquisition intends to use the proceeds from the sale of these vessels for repayment of indebtedness, reinvestment in vessels and general working capital purposes.


As a result of this transaction, the C. Dream and the Nave Celeste will be substituted by the Nave Ariadne LR1 product tanker, the Nave Pulsar MR2 product tanker and the Bougainville MR2 product tanker as collateral under the 8 1/8% Secured Bond due 2021.

Closing of the transaction is subject to successful consummation of the Term Loan B by Navios Midstream scheduled to close on June 18, 2015, although Navios Acquisition can provide no assurance that such closing will take place.

 

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