Navios Maritime Acquisition repays term loan B due June 2020

By Angela McDaniels

Tacoma, Wash., Oct. 21 – Navios Maritime Acquisition Corp. repaid its term loan B due June 2020 on Friday, according to a company news release.

The outstanding balance of the term loan B was $196.8 million as of June 30.

Navios said it funded the repayment as follows:

• $153 million of financing through sale and leaseback transactions, which have an average amortization profile of about 17 years on an age-adjusted basis, an average annual interest of Libor plus a margin ranging from 335 basis points to 360 bps and an average maturity of six years;

• $31.8 million of commercial bank debt, which has an amortization profile of about 10 years on an age-adjusted basis, an annual interest rate of Libor plus 280 bps and a one-year maturity; and

• $12 million from balance sheet cash.

Following the repayment, the company has no debt maturities until the third quarter of 2020.

The company “extended the maturities of our debt through 2027, reduced our cost of capital and strengthened our balance sheet,” chairman and chief executive officer Angeliki Frangou said in the news release.

Monaco-based Navios Maritime Acquisition is an owner and operator of tanker vessels focusing on the transportation of petroleum products and bulk liquid chemicals.

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