Navios Maritime launches $205 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, May 28 – Navios Maritime Midstream Partners LP launched on Thursday its $205 million five-year senior secured first-lien term loan B (BB-) with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the lead banks on the deal. S. Goldman Advisors is a co-arranger.

Commitments are due on June 11, the source added.

Proceeds will be used to finance the proposed acquisition of up to two vessels from Navios Maritime Acquisition Corp. and to refinance existing term debt.

Navios Maritime is a Monaco-based publicly traded master limited partnership that owns and operates crude oil tankers under long-term employment contracts.

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