October 8, 2010 / 2:06 PM / 7 years ago

UPDATE 1-Navios Maritime Partners unit offer at 5 pct discount

* Offering of 5.5 mln units priced at 5 pct discount

* Third unit offering since February

* Shares down 6 percent in morning trade

Oct 8 (Reuters) - Dry cargo vessel operator Navios Maritime Partners L.P. (NMM.N) said a units offering, its third this year, was priced at a 5 percent discount.

The company expects to use proceeds from the offering partly to fund its fleet expansion.

It said the 5.5 million unit offering was priced at $17.65 per unit. The company’s units were down 6 percent at $17.51 Friday morning on the New York Stock Exchange.

Navios Maritime Partner had offered 3.5 million units in February, and then followed that up with an offering of 4.5 million units in April. [ID:nWNAB2335] [ID:nWNAB4787]

As of April, the company had about 44.1 million shares outstanding, and as of June, it had long-term debt of $271.5 million and $48.5 million of cash on its balance sheet.

Including Friday’s fall, units of the company, which announced a vessel buy in May, are so far down more than 12 percent from an April year-high. (Reporting by Adveith Nair in Bangalore; Editing by Aradhana Aravindan)

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