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Navios Maritime Holdings gets $40m loan from DVB

Navios Maritime Holdings gets $40m loan from DVB
Navios Maritime Holdings has secured a $40m loan from DVB Bank to refinance the four panamax dry bulk carriers.

The New York-listed shipowner said the loan agreement will stretch over five years with repayments on a quarterly basis.

“Each advance bears interest at a rate of Libor plus 325 basis points and the facility is repayable in eight quarterly installments of approximately $0.9m each, followed by 12 quarterly installments of $1m each, and a final balloon payment of $21m on the last payment date,” the shipowner said.

Navios said the loan will go towards the refinancing of 60% of the valuation amount of the four 76,000 dwt vessels – Navios Galileo, Navios Taurus, Navios Amitie and Navios Northern Star.

Angeliki Frangou, chairman and ceo of Navios, must retain a stake of at least 20% in the company for the loan facility to remain valid.