• 2021 August 27 18:31

    Navios Maritime Partners L.P. announces a merger with Navios Maritime Acquisition Corporation

    Navios Maritime Partners L.P., an  international owner and operator of dry cargo vessels, and Navios Maritime Acquisition Corp., an international owner and operator of tanker vessels, announced a  definitive transaction agreement providing for a combination of Navios Partners and Navios Acquisition in a transaction in which shareholders of Navios Acquisition will receive 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition, according to the company's release.

    All of Navios Acquisition’s  outstanding 8.125% First Priority Ship Mortgage Notes, due on November 15, 2021, will be redeemed in accordance with their terms with the proceeds of a cash contribution from  Navios Partners and newly arranged secured term loan financings.

    Benefits of Combination  The Transaction is expected to: 

    • Create the #1 largest U.S. publicly-listed shipping company, with over 140 vessels aggregating  approximately 15 million deadweight tons operating in three segments through 15 different vessel  types and serving more than 10 end markets. 

    • Scale operations with trades across all sizes with about one-third of its vessels operating in each of  the three segments. 

    • Achieve diversification to mitigate idiosyncratic segment volatility as operational segments are  driven by unique fundamentals. 

    • Optimize strategy allowing management to take advantage of opportunities within each sector, such  as by calibrating charter term based upon segment opportunity.   

    • Realize annual cost reductions. 

    • Maintain significant financial flexibility with a combined modest leverage ratio of approximately  35%, based upon the average of publicly available broker reports as of August 20, 2021, and a large  collateral value base for refinancing debt maturities. 

    • Enhance credit profile by increasing cash retention to support growth and continued deleveraging. 

    • Grow equity market capitalization and depth in share trading to offer an attractive fundamental  investment opportunity to investors seeking exposure to global economy. 

    • Maintain and ultimately grow returns to unitholders of the combined company. 

    • Provide Navios Acquisition’s shareholders the opportunity to continue to participate in the  combined company and avail themselves of market upside

    The current value of the combined company’s vessels is estimated at $4.2 billion based upon the average  of publicly available broker reports; the combined company will also have an enterprise value of  approximately $2.25 billion. With a $1.6 billion pipeline of contracted revenue coupled with about 47,634  available days in 2022, the combined fleet is well-positioned to take advantage of the healthy dry cargo  markets as well as any future upturn in the tanker market.

    About Navios Maritime Partners L.P. 

    Navios Maritime Partners L.P. is a publicly traded master limited partnership which owns  and operates dry cargo vessels.

    About Navios Maritime Acquisition Corporation 

    Navios Acquisition is an owner and operator of tanker vessels focusing on the transportation  of petroleum products (clean and dirty) and bulk liquid chemicals.


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