Navios Partners announced that its Board of Directors has authorized a unit repurchase program for up to $50.0 million of the Company’s common units over a two-year period.
Unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.
The timing and amount of repurchases under the program will be determined by Navios Partners’ management based upon market conditions and other factors. Repurchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
The program does not require any minimum repurchase or any specific number of units of common equity and may be suspended or reinstated at any time in the Company’s discretion and without notice.
The Board of Directors will review the program periodically. Repurchases will be subject to restrictions under the Company’s credit facilities.