Deutsche Bank Reports Vessels Purchase By Navios Partners
According to Deutsche Bank, Navios Partners (NYSE: NMM) agreed to purchase two vessels from parent.
Deutsche Bank said that after the close on Tuesday, NMM announced it has agreed to purchase two secondhand bulkers from NM (Not Rated) for a total consideration of $130.0 million. “The purchase is expected to be funded with $85 million in cash-onhand, $35 million in a new tranche of NMM's existing credit facility and the issuance of 507,916 common units of NMM ($19.69/unit issuance price). No details on timing for the closing of the transaction were provided in the release, but we would expect the transaction to close before June. We will review our estimates after the close of the transaction and discussions with management.”
Navios Partners closed yesterday at $18.98.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.