Watson Farley & Williams has advised the lenders involved in the matter.
Navios Maritime Acquisition Corporation (“Navios Acquisition”) was granted loans to finance part of the redemption price of its outstanding 8.125% First Priority Ship Mortgage Notes.
Hamburg Commercial Bank AG acted as mandated lead arranger, agent and security trustee, together with Alpha Bank S.A. as lenders in connection with a secured term loan facility of up to US$195m and BNP Paribas as agent and security trustee and together with Crédit Agricole Corporate and Investment Bank, both as mandated lead arrangers and lenders in connection with a loan facility of up to US$96m.
Navios Acquisition owns and operates a crude oil, refined petroleum product and chemical tanker fleet. It recently announced a definitive merger agreement with Navios Maritime Partners L.P. (“Navios Partners”), an owner and operator of dry cargo vessels. This is a transformative transaction for Navios Partners, as the combined entity will become the largest US publicly-listed shipping company in terms of vessel count, with the value of its united fleet of over 140 vessels being circa US$4.2bn. Pursuant to the definitive merger agreement, Navios Acquisition called for a redemption of all of its outstanding Ship Mortgage Notes.
The WFW Athens team that advised the banks was led by Partner and Global Maritime Sector Co-Head George Paleokrassas (Picture), supported by Senior Associate Christina Economides, Associate Haris Kazantzis and Trainee Katerina Dimitriou.
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