Navios Maritime Holdings Inc. Announces Repayment of $614.3 million of Ship Mortgage Notes and Closing of $550 Million of Debt Financing
January 06 2022 - 8:13AM
Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”)
(NYSE: NM), a global seaborne shipping and logistics company, today
announced that it closed on a total of $550 million of debt
financing.
As previously announced, the proceeds of this
financing, together with available cash, have been used to
discharge the Company’s obligations under the Indenture relating to
the 7.375% First Priority Ship Mortgage Notes (“Ship Mortgage
Notes”) due January 15, 2022 by remitting to the Indenture trustee
the outstanding principal amount plus accrued and unpaid interest
payable at maturity to the holders of the Ship Mortgage Notes in
accordance with their terms. Additionally, $50.0 million of Navios
Holdings’ outstanding 11.25% Senior Secured Notes (the “Senior
Secured Notes”) due on August 15, 2022 are expected to be redeemed
during the first quarter of 2022.
As a result of these transactions, $664.3
million in debt maturing in 2022 will be retired and the maturity
of the remaining debt will be extended and staggered.
For further details, please see the Reports on
Form 6-K filed by the Company with the Securities and Exchange
Commission.
About Navios Holdings
Navios Maritime Holdings Inc. (NYSE: NM) is a
global seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal and grain. For more information about Navios Holdings,
please visit our website: www.navios.com.
Forward Looking Statements – Safe
Harbor
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events, including our ability
to redeem and ultimately refinance in full the Senior Secured
Notes. Words such as “may,” “expects,” “intends,” “plans,”
“believes,” “anticipates,” “hopes,” “estimates,” and variations of
such words and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based on the information available to, and the expectations and
assumptions deemed reasonable by Navios Holdings at the time these
statements were made. Although Navios Holdings believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the
control of Navios Holdings. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially
include, but are not limited to risks relating to: global and
regional economic and political conditions including the impact of
the COVID-19 pandemic and efforts throughout the world to contain
its spread, including effects on global economic activity; demand
for seaborne transportation of the products we ship; the ability
and willingness of charterers to fulfill their obligations to us;
prevailing charter rates; shipyards performing scrubber
installations, drydocking and repairs; changing vessel crews and
availability of financing; potential disruption of shipping routes
due to accidents, diseases, pandemics, political events, piracy or
acts by terrorists; uncertainty relating to global trade, including
prices of seaborne commodities and continuing issues related to
seaborne volume and ton miles; our continued ability to enter into
long-term time charters; our ability to maximize the use of our
vessels; expected demand in the dry cargo shipping sector in
general and the demand for our Panamax, Capesize, Ultra Handymax
and Handysize vessels in particular; the aging of our fleet and
resultant increases in operations costs; the loss of any customer
or charter or vessel; the financial condition of our customers;
changes in the availability and costs of funding due to conditions
in the bank market, capital markets and other factors; increases in
costs and expenses, including but not limited to: crew wages,
insurance, provisions, port expenses, lube oil, bunkers, repairs,
maintenance, and general and administrative expenses; the expected
cost of, and our ability to comply with, governmental regulations
and maritime self-regulatory organization standards, as well as
standard regulations imposed by our charterers applicable to our
business, general domestic and international political conditions;
competitive factors in the market in which Navios Holdings
operates; the value of our publicly traded subsidiaries; risks
associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with
the Securities and Exchange Commission, including its Forms 20-F
and Forms 6-K. Navios Holdings expressly disclaims any obligations
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Navios Holdings' expectations with respect thereto or any change
in events, conditions or circumstances on which any statement is
based. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.345.232.3067+1.212.906.8643investors@navios.com
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