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Navios taps US bond market for $300m.
(From Lloyds List)
Byline: Refinancing deal could be completed as early as next week, writes Nigel Lowry in Athens
Navios Maritime Holdings, the Angeliki Frangou-led dry bulk shipping and logistics company, has revealed plans to raise $300m from a bond issue in the US.
The exercise is aimed at replacing a large tranche of borrowings under its present credit facility with HSH Nordbank. According to a brief company statement the senior notes will be 'fully and unconditionally guaranteed' by existing Navios subsidiaries.
Ms Frangou was unobtainable yesterday and is thought to be already in the US leading the company's roadshow to investors.
Some sources familiar with the proposed deal suggested the issue could be completed as early as next week, but Navios emphasised the offering scheme was 'subject to market and other conditions'.
Ms Frangou has previously described herself to Lloyd's List as a financial 'conservative' and one financier said the offering was a 'logical development'.
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