Key Developments: Navios Maritime Holdings Inc (NM)
5.31USD
19 Jun 2013
$-0.13 (-2.39%)
$5.44
$5.38
$5.47
$5.17
320,462
534,573
$5.70
$3.17
Latest Key Developments (Source: Significant Developments)
Navios Maritime Holdings Inc Announces Quarterly Cash Dividend
Navios Maritime Holdings Inc announced that on May 17, 2013, the Board of Directors declared a quarterly cash dividend for the first quarter of 2013 of $0.06 per share of common stock. The dividend is payable on June 26, 2013 to stockholders of record as of June 18, 2013. Full Article
Navios Maritime Holdings Inc And Navios Maritime Acquisition Corporation Through Its New Joint Venture Announces Acquisition Of Ten-Vessel Fleet From Debtors of HSH Nordbank AG
Navios Maritime Holdings Inc and Navios Maritime Acquisition Corporation (Navios Acquisition) announced that they have executed a binding letter of intent to acquire ten vessels, composed of five product tankers and five container vessels with an average age of 5.5 years, from debtors of HSH Nordbank AG (HSH) through a new joint venture (Navios JV). It is anticipated that the Navios JV will not be consolidated into Navios Holdings or Navios Acquisition. However, each party has agreed to reimburse a portion of the other's expenses if the party does not conclude the transaction under certain circumstances. It is estimated that the purchase price to be paid to HSH will consist of $130 million in cash and the assumption of the Subordinated HSH Participating Loan. The cash payment will be equal to 60% of the current fair market value of the vessels, plus $10.0 million. It is anticipated that the cash payment will be funded as follows: $10 million, from an investment by Navios JV funded by Navios Holdings and Navios Acquisition, and $120 million, from the proceeds of a senior bank financing (senior bank financing) to be secured with a first-priority mortgage on the vessels. Navios Holdings will provide up to $5.0 million of working capital (Navios Working Capital Loans) to Navios JV. The Navios Working Capital Loans will accrue interest at 12.7% and will be repaid out of Navios JV's cash balances and proceeds of vessel sales. Full Article
Navios Maritime Holdings Inc Declares Quarterly Cash Dividend
Navios Maritime Holdings Inc announced that on February 15, 2013, the Board of Directors declared a quarterly cash dividend for the fourth quarter of 2012 of $0.06 per share of common stock. The dividend is payable on March 27, 2013 to stockholders of record as of March 20, 2013. Full Article
Navios Maritime Holdings Inc Announces Change Of Third Quarter Dividend Payment Date
Navios Maritime Holdings Inc announced that Board of Directors approved a change in the payment date of the company's regular quarterly shareholder dividend of $0.06 per share to December 27, 2012. This dividend for the third quarter was previously scheduled to be paid on January 4, 2013. The record date associated with this dividend payment remains unchanged at December 18, 2012. Full Article
Navios Maritime Holdings Inc Declares Quarterly Cash Dividend
Navios Maritime Holdings Inc announced that on November 12, 2012, the Board of Directors declared a quarterly cash dividend for the third quarter of 2012 of $0.06 per share of common stock. The dividend is payable on January 4, 2013 to stockholders of record as of December 18, 2012. Full Article
Navios Maritime Holdings Inc Declares Dividend
Navios Maritime Holdings Inc announced that the Board of Directors declared a quarterly cash dividend for the second quarter of 2012 of $0.06 per share of common stock. The dividend is payable on October 4, 2012 to stockholders of record as of September 18, 2012. Full Article
Navios Maritime Holdings, Inc.'s Navios Maritime Finance (US) Inc Announces Closing of $88 Million 8 7/8% First Priority Ship Mortgage Notes Due 2017
Navios Maritime Holdings, Inc. announced that it and Navios Maritime Finance (US) Inc., its wholly owned finance subsidiary (NMF and, together with Navios Holdings, Navios) completed the sale of $88 million of 8 7/8% first priority ship mortgage notes due 2017 (the Notes). The Notes were offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. The terms of the Notes are identical to the $400 million of notes issued in November 2009 (the Existing Notes) and, as of closing, are secured by first priority ship mortgages on 17 drybulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights (the "Collateral"). Each of Navios Holdings' direct and indirect subsidiaries that guarantee the Existing Notes guarantee the Notes. The Notes and the Existing Notes are treated as a single class for all purposes under the indenture (including, without limitation, waivers, amendments, redemptions and other offers to purchase) and the Notes rank equally with the Existing Notes. Because the Existing Notes are now unrestricted, the Notes and the Existing Notes will initially have different CUSIP numbers. Full Article
Navios Maritime Holdings, Inc. Announces Pricing Of $88 Million 8 7/8% First Priority Ship Mortgage Notes Due 2017
Navios Maritime Holdings, Inc. announced that it and Navios Maritime Finance (US) Inc., its wholly owned finance subsidiary (NMF and, together with Navios Holdings, Navios) priced $88 million of 8 7/8% first priority ship mortgage notes due 2017 (the Notes) at 100% plus accrued interest from May 1, 2012. The terms of the Notes are identical to the $400 million of notes issued in November 2009 (the Existing Notes) and will be secured by first priority ship mortgages on 17 drybulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights (the Collateral). On the issue date of the Notes, each of Navios Holdings' direct and indirect subsidiaries that guarantee the Existing Notes will guarantee the Notes. The Notes and the Existing Notes will be treated as a single class for all purposes under the indenture and the Notes will rank equally with the Existing Notes. Because the Existing Notes are now unrestricted, the Notes and the Existing Notes will initially have different CUSIP numbers. The sale of the Notes is expected to be consummated on July 10, 2012, subject to customary closing conditions. Full Article
Navios Maritime Holdings, Inc. Announces Proposed Private Offering Of $88 Million 8 7/8% First Priority Ship Mortgage
Navios Maritime Holdings, Inc. announced that it and Navios Maritime Finance (US) Inc., its wholly owned finance subsidiary intend to offer through a private placement, subject to market and other conditions, approximately $88 million of 8 7/8% first priority ship mortgage notes due 2017. The Notes will be offered and sold in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and in offshore transactions to non-United States persons in reliance on Regulation S under the Securities Act. The Notes and the Existing Notes will be treated as a single class for all purposes under the indenture (including, without limitation, waivers, amendments, redemptions and other offers to purchase) and the Notes will rank evenly with the Existing Notes. Full Article
Navios Maritime Partners L.P. Purchases Capesize Vessel With Eight Year Charter
Navios Maritime Partners L.P. announced that it has purchased from Navios Maritime Holdings Inc. (Navios Holdings) the Navios Buena Ventura, a 2010 South-Korean-built Capesize vessel of 179,259 dwt for $67.5 million cash consideration of which $22.0 million are debt financing and the $45.5 million cash from balance sheet. The vessel is chartered out at $29,356 (net) per day until December 2020 with 50/50 profit sharing which commences when the Baltic Exchange Capesize TC Average exceeds $38,500. The Navios Buena Ventura is expected to generate annual base EBITDA of approximately $8.3 million and aggregate base EBITDA of approximately $70.8 million over the life of the charter contract. The charter contract is insured by an AA rated insurance company in the European Union. Full Article
Update-Moody's changes outlook on Navios Holdings' B2 rating to negative from stable
Navios Maritime Holdings, Inc
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