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Navios Partners completes $300m Nordic bond issue

  • Greece-based owner will use proceeds to partially repay outstanding debt
  • Issuer will apply to list bonds on Oslo exchange

  • News

US-listed owner of bulkers, tankers and containerships priced bonds at 7.75%

NAVIOS Maritime Partners has successfully placed $300m of new five-year unsecured bonds in the Nordic bond market.

Scheduled to mature in November 2030, the bonds are priced at 7.75%, paid semi-annually in arrears.

The bonds priced more favourably than a $400m issue earlier this year by Navios South American Logistics, which is privately controlled by Navios Partners’ chief executive Angeliki Frangou.

The separate port and logistics business issued its bonds with an 8.875% interest coupon at the end of June.

It is a first Nordic bond for Navios Partners, which controls a diverse fleet of 172 vessels.

Proceeds will be used to repay some of the owner’s outstanding debt facilities and for general purposes, the company has said.

 

 

 

Early morning trading saw Navios Partners’ stock price rise by more than 2% on the New York Stock Exchange.

The company has said it will apply to have the bonds listed on the Oslo Stock Exchange.

Arctic Securities acted as sole global coordinator and bookrunner for the issue, with Fearnley Securities and Skandinaviska Enskilda Banken as joint bookrunners.

Other financial entities involved with the bond issue were Credit Agricole Corporate and Investment Bank and S Goldman Advisors.

Navios Partners has been renewing its fleet, particularly in the tanker and containership sectors.

It still has on order 17 tanker newbuildings including 12 aframax/long range two tankers and five MR2s that are under bareboat charters.

Also on order are eight newbuilding containerships, including four 7,900 teu and four 8,850 teu vessels.

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