Navios Maritime Containers Inc. Announces Closing of $50.3 Million Private Placement and Acquisition of Five Container Vess...
June 08 2017 - 3:00PM
Navios Maritime Containers Inc. (“Navios Containers”), a growth
vehicle dedicated to the container sector, announced today that it
has closed the previously announced private placement and the
acquisition of five container vessels and rights to the remaining
fleet (the “Fleet”) of Rickmers Maritime Trust Pte. (“Rickmers
Trust”).
Private Placement
Navios Containers issued approximately 10
million shares for $50.3 million of gross proceeds at a
subscription price of $5.00 per share. Navios Maritime Partners
L.P. (“Navios Partners”) invested $30.0 million and received about
60% of the equity, and Navios Maritime Holdings Inc. (“Navios
Holdings”) invested $5.0 million and received about 10% of the
equity of Navios Containers. Each of Navios Partners and
Navios Holdings also received warrants, with a five-year term, for
6.8% and 1.7% of the equity, respectively.
Fearnley Securities acted as the sole lead
manager for the private placement and S. Goldman Advisors LLC acted
as structuring advisor.
Registration on the Norwegian OTC
Market
Navios Containers has registered for trading on
the Norwegian Over-The-Counter Market (N-OTC) and expects to begin
trading on or about June 12, 2017 under the ticker NMCI.
Rickmers Trust Fleet
Navios Containers used the proceeds from the
private placement to acquire five 4,250 TEU vessels from Navios
Partners for a total purchase price of $64.0 million. These
vessels, recently acquired by Navios Partners from Rickmers Trust,
are employed on charters with a net daily charter rate of $26,850.
The charters expire in 2018 and early 2019 and are expected to
generate approximately $45.0 million of EBITDA, assuming expenses
approximating current operating costs and 360 revenue days per
year.
The purchase price was partially funded through
$40.0 million in proceeds raised through the private placement and
the balance in the form of a $24.0 million credit by Navios
Partners for a period of 90 days at L+375 bps. Navios
Containers is in advanced discussions for an up to $40.0 million
loan from a commercial lending bank.
In addition, Navios Containers acquired all the
rights under the acquisition agreements entered into between Navios
Partners and Rickmers Trust to purchase the remaining nine vessels
in the original 14-vessel container Fleet. The acquisition of
the nine additional vessels is subject to a number of conditions,
and no assurance can be provided that the acquisition will close at
all or in part.
About Navios Maritime Containers
Inc.
Navios Maritime Containers Inc. is a growth
vehicle dedicated to the container sector of the maritime
industry. For more information, please visit our website at
www.navios-containers.com.
Forward-Looking Statements
This press release contains forward-looking
statements concerning future events including the financing of the
acquisition of the Fleet, the acquisition of the remaining Fleet,
the transfer of the Fleet and the benefits of the acquisition of
the Fleet; including expected vessel acquisitions and entering into
further time charters, as well as expected financial performance of
the Fleet. 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 Containers at the time
these statements were made. Although Navios Containers 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
Containers. 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 the completion of the
remaining Fleet’s acquisition on the anticipated timing or at all,
the quality of the Fleet and the market for the Fleet vessels, and
changes in the availability and costs of funding due to conditions
in the bank market, capital markets and other factors, as well as
general domestic and international political conditions. Navios
Containers expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Navios
Containers’ expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based. Navios Containers makes no prediction or statement about the
performance of its common units.
Contact
Public & Investor Relations Contact:
Navios Maritime Containers Inc.
+1.212.906.8648
Investors@navios-containers.com
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