The New York-listed shipowner is targeting $610m from theissue of the secured notes with a coupon of 8.125%, it announced today.
Navios has secured the sale of the mortgages maturing in2021 against 12 tankers valued at $592m.
The Angeliki Frangou-led company will use the proceeds tofund a tender offer for outstanding 8.625% notes due in 2017.
As we reported yesterday, credit ratings agencies Moody’sand Standard & Poor’s both tagged the new debt issuance with speculative ‘B’ratings.
