Key Developments: Navios Maritime Acquisition Corp (NNA)
3.61USD
22 May 2013
$-0.09 (-2.43%)
$3.70
$3.74
$3.77
$3.60
451,245
152,173
$4.00
$2.05
Latest Key Developments (Source: Significant Developments)
Navios Maritime Acquisition Corp Announces Placement Of 32,876,712 Shares Of Common Stock At $3.65 Per Share
Navios Maritime Acquisition Corp announced the placement of a total of 32,876,712 shares of its common stock, at a price of $3.65 per share, representing gross proceeds of approximately $120.0 million. The placement included a registered direct offering of 16,438,356 shares of common stock which will raise approximately $60.0 million of gross proceeds and a placement of 16,438,356 common shares to Navios Maritime Holdings Inc. (Navios Holdings) which will raise approximately $60.0 million of gross proceeds. Both placements are expected to close on May 21, 2013. Navios Acquisition expects to use the net proceeds of the placements for working capital and other general corporate purposes, including the repayment of outstanding indebtedness. Upon the closing of the placements contemplated herein, Navios Acquisition will have raised approximately $120.0 million in gross proceeds, and Navios Holdings will own approximately 48.2% of Navios Acquisition. RS Platou Markets, Inc. is the sole lead manager in the registered direct offering. RS Platou Markets AS and S. Goldman Capital LLC are acting as placement agents in the registered direct offering. DVB Capital Markets LLC, BNP Paribas Securities Corp. and ABN AMRO Securities (USA) LLC are acting as co-placement agents in the registered direct offering. The Company's common shares trade on the New York Stock Exchange under the symbol NNA. Full Article
Navios Maritime Acquisition Corp Declares Quarterly Cash Dividend
Navios Maritime Acquisition Corp announced that the Board of Directors have declared a quarterly cash dividend for the first quarter of 2013 of $0.05 per share of common stock. The dividend is payable on July 3, 2013 to stockholders of record as of June 19, 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 Acquisition Corp Announces Placement Of Common Stock
Navios Maritime Acquisition Corp announced multiple offerings, including registered direct offerings, of a total of 35,246,791 shares of common stock, at a price of $2.85 per share, representing gross proceeds of approximately $100.5 million. The first registered direct offering of 7,719,300 shares of common stock closed on February 21, 2013, raising approximately $22.0 million of gross proceeds. The second registered direct offering of 9,825,000 shares of common stock priced on February 21, 2013 and will raise approximately $28.0 million of gross proceeds. The closing of the second registered direct offering is expected to occur on February 26, 2013. In addition, Navios Maritime Holdings Inc. (Navios Holdings) and certain members of management of the Navios Group of companies have agreed to purchase from Navios Acquisition an aggregate of 17,702,491 shares of common stock in a private placement and will raise approximately $50.5 million of gross proceeds. The closing is expected to occur on February 26, 2013. Navios Acquisition expects to use the net proceeds of the offerings for working capital and other general corporate purposes, including the repayment of outstanding indebtedness. RS Platou Markets, Inc. is the sole lead manager in the offerings. RS Platou Markets AS and S. Goldman Capital LLC are acting as placement agents in the offerings. DVB Capital Markets LLC and Global Hunter Securities, LLC are acting as co-managers in the offerings. Full Article
Navios Maritime Acquisition Corp Declares Quarterly Cash Dividend
Navios Maritime Acquisition Corp announced that on February 7, 2013, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2012 of $0.05 per share of common stock. The dividend is payable on April 4, 2013 to stockholders of record as of March 19, 2013. Full Article
Navios Maritime Acquisition Corp Declares Quarterly Cash Dividend
Navios Maritime Acquisition Corp announced that the Board of Directors have declared a quarterly cash dividend for the third quarter of 2012 of $0.05 per share of common stock. The dividend is payable on January 4, 2013 to stockholders of record as of December 19, 2012. Full Article
Navios Maritime Acquisition Corp Announces Quarterly Cash Dividend
Navios Maritime Acquisition Corp announced that on August 13, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the second quarter of 2012 of $0.05 per share of common stock. The dividend is payable on October 3, 2012 to stockholders of record as of September 19, 2012. Full Article
Navios Maritime Acquisition Corporation Declares Quarterly Cash Dividend
Navios Maritime Acquisition Corporation announced that on February 13, 2012, the Board of Directors of Navios Acquisition declared a quarterly cash dividend for the fourth quarter of 2011 of $0.05 per share of common stock. The dividend is payable on April 5, 2012 to stockholders of record as of March 22, 2012. Full Article
Navios Maritime Acquisition Corporation Announces Dividend Of $0.05 Per Share Of Common Stock
Navios Maritime Acquisition Corporation announced that the Board of Directors has declared a quarterly cash dividend for the third quarter of 2011 of $0.05 per share of common stock. The dividend is payable on January 5, 2012 to stockholders of record as of December 15, 2011. Full Article
Navios Maritime Acquisition Corporation Announces Acquisition Of Two MR2 Product Tankers
Navios Maritime Acquisition Corporation announced that it has agreed to acquire two 50,000 dwt MR2 product tankers built in 2009. The vessels are employed under long-term charter-out contracts with a remaining term of three years. The rates are $22,490 net per day for the first year and $21,503 net per day for the remaining charter out period. Delivery is expected in July 2011. The aggregate purchase price for the two new vessels is approximately $84.8 million, to be paid in cash. Navios Acquisition is expected to finance the acquisition with cash on its balance sheet plus $55.1 million of debt with a margin of 325 bps and an amortization profile of approximately 11 years. Other terms and conditions are in line with its existing credit facilities. Full Article
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