Navios Maritime firms $205 million term loan B at Libor plus 450 bps

By Sara Rosenberg

New York, June 12 – Navios Maritime Midstream Partners LP finalized pricing on its $205 million five-year senior secured first-lien term loan B (B2/BB-) at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, according to a market source.

Also, an interest coverage ratio of 3.75 times was added to the loan, the source said.

As initially proposed, the debt includes an 85% Charter Free LTV covenant.

The term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Commitments were due at noon ET on Friday, the source added.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the lead banks on the deal. Credit Suisse Securities (USA) LLC, S. Goldman Advisors, ABN Amro and DVB are the co-arrangers.

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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