Chief executive Angeliki Frangou has further grown her stake in Navios Maritime Holdings by converting more bonds into shares as part of a massive refinancing that closed at the beginning of the year.
Companies affiliated to Frangou now control 46% of the New York-listed owner and operator of 36 bulkers, according to a document filed with the US Securities and Exchange Commission (SEC) on Friday.
A previous filing made on Monday showed that the chief executive owned 13.2m shares, or 40.8%, of Navios Holdings.
Frangou owns the shares through Raymar Investments, Amadeus Maritime and her ship management company Navios Shipmanagement (NSM).
The holding includes 6.5m shares under a convertible debenture of $24m that comes with a strike price of $3.90 per share that Frangou can convert into common stock for further ownership in Navios Holdings.
According to the SEC filing, Frangou bought 2.09m more shares of Navios Holdings through the convertible debenture and put them under NSM.
NSM now holds 12.2m shares, or 34.9%, of Navios Holdings. Amadeus Maritime owns 1.27m shares representing 5.6% of Navios Holdings, while Raymar Investments holds 1.37m units, or 6%, of the company.
Frangou previously increased her position in Navios Holdings in January to 10.2m shares, or 34.8%, from 4.2m shares, or 17%, through the convertible debenture.
Navios Holdings closed its $550m refinancing in January, allowing it to pay off $614m in bonds that had been set to mature in January.
As the company previously announced in December, the refinancing was possible because of nearly $263m in payment-in-kind loans from an outfit affiliated with Frangou, the company’s largest shareholder.
Navios Holdings will make $10m quarterly payments to the Frangou affiliate starting in the third quarter of 2023 and pay an upfront fee in the form of $24m in debentures.
