Navios Partners announced the pricing of a $53 million incremental term loan under its existing Term Loan B facility, dated March 14, 2017.
The incremental term loan bears interest at LIBOR + 5.00%.
Navios Partners intends to use the net proceeds of the incremental term loan to (i) fund the previously announced acquisition of three new vessels, which will secure the Term Loan B facility upon delivery, and (ii) for general corporate purposes.
Morgan Stanley Senior Funding, Inc. acted as sole lead arranger and sole book-runner for the syndication of the incremental term loan and S. Goldman Advisors, LLC acted as co-manager.
Navios Partners expects the incremental financing to close on or about August 10, 2017, subject to customary closing conditions. The commitments in respect of the facility and the terms and conditions thereof remain subject to the execution of definitive documentation.