New York-listed Navios Maritime Holdings has bought more time to pay off its $305m notes due in 2022 as it revealed a new loan from a company owned by chief executive Angeliki Frangou.

The senior secured debt was sold in 2017 at a coupon of 11.25%.

The notes are secured by a first priority lien on stock owned by subsidiaries that are guarantors of the company. They are Navios GP, Navios Maritime Acquisition, Navios South American Logistics and Navios Maritime Partners.

The 179,000-dwt capesize bulker Navios Azimuth (built 2009) is also pledged as security.

VesselsValue assesses the ship at a value of $29m.

New deal in place

A US Securities and Exchange Commission (SEC) filing revealed that Navios Maritime Holdings has agreed a new deal with the majority of bondholders that eliminates the company's obligation to make a maturity offer in September this year for the outstanding amount.

This would have been triggered when the owner redeems $100m of the debt.

The bulker company plans to fund this redemption through the sale of the capesize and a new $75m loan from Frangou's N Shipmanagement Acquisition.

The bondholder deal also allows Navios Maritime to use all past and future dividends paid on pledged shares for general corporate purposes. The only exception to this is the equity of Navios South American Logistics.

Frangou loaned $100m to group company Navios Acquisition for working capital earlier this year.

The tanker arm is struggling with its own maturity problems.

Bonds bought back

Navios Acquisition was facing a bond maturity payment of $602m in November, but a new SEC filing has revealed that the shipowner has bought back $51.8m of the notes in the second quarter for a cash consideration of $41.3m.

Navios Maritime has $896m of debt maturing on 1 March next year, with $63m more due the year after, and $46m the year after that.

In 2025, the figure is $39m, but in 2026 this rises to $508m.

In total, maturities total $1.59bn.

Navios Maritime said it is attempting to address this and create additional liquidity to fund working capital requirements through the sale of assets, refinancing plans and an initial public offering of Navios Logistics.

But there is no assurance this will be possible, raising "substantial doubt" over its ability to continue as a going concern, the company said.

But Navios Maritime believes it will generate sufficient cash to make the required principal and interest payments on its borrowings, excluding the maturity payments, for at least 12 months.