Navios Acquisition Announces $103.2 Million Sale And Leaseback Transaction For Tankers

Navios Maritime Acquisition Corporation (“Navios Acquisition”), an owner and operator of tanker vessels, announced that it has completed a $103.2 million sale and leaseback transaction (“Transaction”) for three MR2 product tankers and two LR1 product tankers. The proceeds have been used to refinance $82.4 million of bank debt.

The Transaction provides for 28 quarterly payments of $2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of seventh year for $39.7 million.

Navios Acquisition has no further maturities on its credit facilities for the next 14 months.

Reference: navios-acquisition.com