Navios Maritime Partners announces repayment of term loan B

By Sarah Lizee

Olympia, Wash., Oct. 15 – Navios Maritime Partners LP announced the repayment of its term loan B on Oct. 10.

The outstanding balance of the term loan B at Dec. 31, 2018 was $418.5 million and was repayable in September 2020, according to a press release.

Navios Partners said it funded the refinancing the refinancing as follows:

• $301.3 million financing from commercial banks, with an average amortization profile of 7.1 years (17.2 years on an age-adjusted basis), annual interest of Libor plus 290 basis points, and maturity of 4.6 years;

• $49.5 million financing through sale and leaseback transactions, which have an average duration of 9.4 years and implied interest rate of 6.3%; and

• $67.7 million from cash on balance sheet.

Following the completion of the refinancing, Navios Partners has extended the maturities of its debt through 2029. Furthermore, there are no debt maturities until Q4 2021.

Navios Maritime is a Monaco-based seaborne shipping and logistics company.

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