Navios Maritime Partners plans to sell shares in a $100m capital raise that may go to funding more dropdowns from its parent.
The container and bulker-owning master limited partnership said that it has agreed with investors to sell approximately 47.6 million shares in a registered direct offering at $2.10 apiece.
The price was 16% below the closing price of Navios Partners units as of 14 March. The deal is expected to close on or about 20 March.
Navios Partners says it will raise net proceeds $95m. The New York-listed partnership said it will use cash for general working capital purposes, including vessel acquisitions.
Fearnley Securities was the sole lead manager. S Goldman Advisors and Fearnley Securities acted as the lead placement agents in the registered direct offering
Navios previously filed a shelf registration statement for the sale of common units.
