Navios Maritime gets $115 million term loan to fund redemption, refi

By Devika Patel

Knoxville, Tenn., June 30 – Navios Maritime Holdings Inc. closed a $115 million senior secured term loan facility with an entity affiliated with its chairman and chief executive officer, according to a press release.

Of the proceeds, $75.3 million, which will mature on Feb. 28, 2023, will be used to redeem some of the company’s 11¼% senior secured notes and for general corporate purposes.

The remaining $39.7 million, which will mature on Nov. 30, 2024, will be used to refinance some of the debt the company already owes the lender.

Both tranches bear interest at a rate of 10½% per annum, payable quarterly, and will be secured by company assets.

Navios Maritime is a Monaco-based seaborne shipping and logistics company focused on the transport and shipment of drybulk commodities.

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