Navios Maritime Holdings has repurchased more $9.24m worth of its New York-listed preferred shares through a tender offer, which represented less than half of the shares it had sought to buy.
The Angeliki Frangou-led company, whose main asset is a stake in Navios South American Logistics, had offered to buy up to $20m in shares through the offer, which ran from 14 September to 12 October, before it was extended until Friday.
Piraeus-based Navios Holdings in September offered to repurchase up to 300,000 outstanding Series G American depository shares at $15.73 each. Investors sold nearly 20,200 of the shares for a total of nearly $318,000.
The company had also offered to rebuy up to 1m outstanding Series H depository shares at $15.28 per share. Series H shareholders sold nearly 584,000 shares for a total of $8.93m.
The company was able to buy up 3.8% of the total outstanding Series G shares, which carry an annual preferred dividend of 8.75% of their $25 par value. It snapped up 33% of its Series H shares, which had an 8.63% annual coupon dividend.
New York-based Citibank acted as the tender agent for the offer.
The tender offer saw Navios Holdings deploy capital after bolstering its balance sheet with a deal to sell its 36 bulkers to spin-off Navios Maritime Partners.
That $835m transaction involved the assumption of nearly $442m in bank debt, bareboat charter obligations and financial leases.
The deal left Navios Holdings to focus on its 63.8% stake Navios South American Logistics.
Eric Priante Martin contributed to this story.
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