New Issue: Navios sells upsized $400 million 8 5/8% seven-year notes at par

By Paul A. Harris

St. Louis, Oct. 6 - Navios Maritime Acquisition Corp. and Navios Acquisition Finance (US) Inc. priced an upsized $400 million issue of seven-year first-priority ship mortgage notes (B2/B/) at par to yield 8 5/8% on Wednesday, according to an informed source.

The yield printed at the tight end of the 8¾% price talk.

Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners for the deal, which was upsized from $375 million.

The notes were priced via Rule 144A and Regulation S with registration rights.

Proceeds will be used to repay bank debt.

Piraeus, Greece-based Navios provides marine tanker services to the chemical and petroleum sectors.

Issuers:	Navios Maritime Acquisition Corp. and Navios Acquisition Finance (US) Inc.
Amount:	$400 million, increased from $375 million
Maturity:	Nov. 1, 2017
Securities:	First-priority ship mortgage notes
Bookrunners:	Bank of America Merrill Lynch, J.P. Morgan Securities LLC
Co-managers:	Citigroup, Goldman Advisors, Commerz Markets, DVB Capital Markets, DnB NOR Markets
Coupon:	8 5/8%
Price:	Par
Yield:	8 5/8%
Spread:	689 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 1, 2013, then callable at 104.313, 102.156, par on and after Nov. 1, 2015
Equity clawback:	35% at 108.625 until Nov. 1, 2013
Change-of-control put:	101%
Trade date:	Oct. 6
Settlement date:	Oct. 21
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	8¾% area
Marketing:	Roadshow

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