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.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.