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Navios Maritime Partners to Liquidate Navios Europe Yielding USD 48m in Receivables
Monday 02 December 2019

2 December 2019 - Greek dry cargo vessel owner and operator Navios Maritime Partners L.P. has agreed to liquidate its European Navios Europe I business, giving Navios Partners USD 48.2m in receivables, the company said.

Terms of the transaction were not disclosed.

Navios Partners expects to acquire the five containerships owned by Navios Europe I with a net equity value approximately equal to the receivables.

Navios Partners entered into a share purchase agreement for the acquisition of the following four drybulk vessels from an entity affiliated with its chairman and CEO for USD 37m in a transaction approved by the Conflicts Committee of the board of directors of Navios Partners.

The vessels are financed with a USD 37m loan from a financial institution with an amortization profile of ten years, annual interest of LIBOR plus 475 bps, and maturity in 2022. The loan facility has no capital repayment until September 2020 and may be prepaid at any time without penalty.

Navios Partners agreed to bareboat charter-in two newbuilding Kamsarmax vessels, one subject to completion of documentation. Each vessel has approximately 81,000 dwt and is being bareboat chartered-in for ten years.

Navios Partners has the option to acquire the vessels after the end of the fourth year for the remaining period of the bareboat charter. Assuming exercise of the option at the end of the 10-year period, the implied fixed interest rate is 4.5%.

Navios Maritime Partners L.P. (NYSE: NMM) is a master limited partnership that owns and operates dry cargo vessels.
Date Published: 02/12/2019
Target: Navios Europe I
Country: Greece
Deal Size: 37m (USD)
Sector: Water Transport
Type: Divestment
Financing: Cash
Status: Agreed
Vendor: Navios Maritime Partners
Buyer: Entity affiliated with Navios Maritime chairman and CEO