Navios Maritime Holdings Inc. (“Navios Holdings”) has made the initial payment for 11 of 13 tanker ships that are planned to be acquired by the Navios Holdings’ sponsored SPAC, Navious Maritime Acquisition Corp. (“Navios Acquisition”).
The initial payment of 171.7 million dollars was funded by $133 million taken from two credit facilities and $38.7 million drawn from available cash. The initial payment for two other tanker ships has not been made.
Navios Maritime Acquisition Corp. announced in April an agreement to acquire 13 tanker ships consisting of eleven product tankers and two chemical tankers for $457.7 million. Navios Acquisition will solicit shareholders’ approval of the transaction in the special meeting that will be held next week on May 25, 2010.
In case the shareholders of Navios Acquisition do not approve the transaction, the purchasing of the tanker ships will still be done by Navios Holdings that will manage the fleet.
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