Navios Holdings: Expiration of Exchange Offer

Navios-NYSE

Navios Holdings announced that the offer to exchange cash and/or newly issued shares of common stock of Navios Holdings for any and all outstanding American Depositary Shares, each representing 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock and 8.625% Series H Cumulative Redeemable Perpetual Preferred Stock, has expired and that the Company has accepted all validly tendered Series G ADSs and Series H ADSs.

A total of 544,987 Series G ADSs and 1,898,285 Series H ADSs were validly tendered and accepted by the Company in the Exchange Offer.

The Company is issuing a total of 1,715,096 shares of its Common Stock and paying an aggregate of $1,955,209 in cash in exchange for the Series G ADSs and a total of 5,874,393 shares of its Common Stock and paying an aggregate of $6,696,808 in cash in exchange for the Series H ADSs tendered and accepted by the Company in the Exchange Offer. The Series G ADSs that were tendered for an election of cash are subject to a downward proration factor of 0.3399 and the Series H ADSs that were tendered for an election of cash are subject to a downward proration factor of 0.4167.

The Company made this Exchange Offer to provide holders of illiquid ADSs the opportunity to exchange their ADSs for highly liquid Common Stock and immediate liquidity through cash consideration.

LEAVE A COMMENT

×

Comments are closed.