Navios Maritime obtains up to $126 million agreement via Credit Suisse

By Tali Rackner

Norfolk, Va., Dec. 2 – Navios Maritime Midstream Partners LP entered into an up to $126 million facility agreement on Nov. 13 with Credit Suisse AG, according to a 6-K filing with the Securities and Exchange Commission.

The five-year agreement bears interest at Libor plus 300 basis points. It is repayable in 20 quarterly installments of $2.63 million each, with a final balloon payment of $73.5 million payable together with the last installment.

Proceeds will be used to partially finance its purchase of the capital stock of the subsidiaries that own four large crude carriers in Navios’ initial fleet: Shinyo Kannika; Shinyo Ocean; Shinyo Kieran; and Shinyo Saowalak.

Navios Maritime is a Monaco-based owner and operator of drybulk and container vessels.

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