Navios Acquisition Provides Revolving Loan Facility of up to $50.0M to Navios Holdings
On March 9, 2016, Navios Maritime Holdings Inc. ("Navios Holdings") and Navios Maritime Acquisition Corporation ("Navios Acquisition") entered into a loan agreement (the "Loan Agreement") pursuant to which Navios Acquisition provided a revolving loan facility of up to $50.0 million to Navios Holdings (the "Revolver"). The interest rate in respect of the Revolver will be based on LIBOR plus 3% per annum. The Revolver must be repaid by Navios Holdings on December 31, 2018. Navios Holdings may prepay the Revolver at any time prior to December 31, 2018, with any amounts prepaid available for re-borrowing. Navios Holdings may at any time permanently terminate the Revolver in full, or from time to time, permanently reduce, the Revolver in part.
The Revolver will be guaranteed by Navios Holdings Europe Finance Inc. (the "Guarantor"), a wholly owned subsidiary of Navios Holdings, and will be secured by (i) a first priority pledge of all of the Guarantor's ownership interests in Navios Europe Holdings Inc. and (ii) a first priority pledge of 8,000,000 common units of Navios Maritime Partners L.P. owned by Navios Holdings.
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