Watson Farley & Williams (“WFW”) advised certain lenders in connection with new secured term loan financings used to help Navios Maritime Acquisition Corporation (“Navios Acquisition”) fund a portion of the repayment price of its first mortgage priority at 8.125%. Remarks.
Specifically, WFW acted for Hamburg Commercial Bank AG as mandated principal arranger, security agent and trustee, with Alpha Bank SA as lenders under a secured term loan facility up to 195 million dollars and BNP Paribas as security agent and trustee and together with Crédit Agricole Corporate and Investment Bank, both as mandated lead manager and lender under a credit line of up to 96 M $.
Navios Acquisition owns and operates a fleet of crude oil, refined petroleum products and chemical tankers. It recently announced a definitive merger agreement with Navios Maritime Partners LP (“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 publicly traded US shipping company in terms of number of vessels, with the value of its united fleet of over 140 vessels amounting to approximately $ 4.2 billion. Pursuant to the definitive merger agreement, Navios Acquisition requested reimbursement of all of its outstanding Ship Mortgage Notes.
The WFW Athens team that advised the banks was led by Partner and Global Maritime Co-Head George Paleokrassas, supported by Senior Partner Christina Economides, Partner Haris Kazantzis and Intern Katerina Dimitriou.
George commented: “We are delighted to have advised Hamburg Commercial Bank, BNP Paribas, Crédit Agricole Corporate, Investment Bank and Alpha Bank on this complex and large-scale transaction. This agreement strengthens Navios Partners’ overall position in the market and allows the combined entity to diversify and mitigate segment volatility, as operating segments are driven by unique fundamentals.
News from the Sea, September 17