Navios Maritime issues shares to pay interest on Americas loan

Meanwhile, Navios South American Logistics has raised $500m in a private offering of secured notes

13 July 2020 16:53 GMT Updated 14 July 2020 9:08 GMT

in Stamford and London

Navios Maritime Holdings has issued common shares to pay interest owed on a $70m loan provided by its subsidiary Navios South American Logistics.

The Angeliki Frangou-led parent company on Friday issued 2.41m shares, which the lender assigned to Marshall Islands-registered company Grimaud Ventures.

The new shares will be used to pay $6.38m in interest on the loan provided by the South American company to Navios Maritime on 25 April 2019, according to a regulatory filing.