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November 3, 2009 (FinancialWire) -- Navios Maritime Holdings Inc. (NYSE: NM | Quote | Chart | News | PowerRating) and Navios Maritime Finance Inc. have completed the sale of $400 million of 8.875% first priority ship mortgage notes due 2017.
The notes were offered and sold in the United States to institutional buyers. They are guaranteed by all of the subsidiaries that provide a guarantee of Navios Holdings' 9.5% senior notes due 2014.
As of the closing date, the notes are secured by first priority ship mortgages on 13 drybulk vessels owned by certain subsidiary guarantors.
Navios said that $105 million of the offering proceeds have been escrowed to provide additional financing to complete the purchase of two new vessels scheduled to be delivered in late 2009 and early 2010. The balance of the offering proceeds have been used to repay borrowings under certain of Navios Holdings' existing credit facilities and to pay transaction and related expenses.
Greece-based Navios Maritime Holdings is a seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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