Giant Greek shipowner Navios Maritime Partners has unveiled more finance deals as it manages interest costs for its huge fleet.
The US-listed owner said in a securities filing that it has entered into a new credit facility with a commercial bank for up to $30m to refinance existing borrowings tied to three product tankers.
The financing matures five years from drawdown.
The facility bears interest at the secured overnight financing rate (SOFR) plus 100 basis points (bps) for any part of the loan, up to 70%, secured by cash collateral.
The rest of the money will cost 225 bps.
The owner has also sealed a facility with another lender for up to $65m to replace debt on five clean carriers.
The maturity is the same as the May deal, with interest at SOFR plus 200 bps.
The mixed fleet includes two MRs built in 2007, a 2008 handysize and two more MRs dating from 2009, plus 13 MRs built between 2012 and 2015.
The company also provided further details of two newbuilding finance transactions from April and May.
It has six aframax/LR ships on order in South Korea, plus 12 container ships ranging from 5,300 teu to 7,700 teu.
Leaseback deal
Last month, Navios Partners completed a $178m sale-and-leaseback transaction with an unrelated third party to finance two 5,300-teu boxships and two of the new tankers.
These leases mature 10 years from drawdown at SOFR plus 210 bps.
In April, Navios Partners also fixed up an export credit agency-backed facility for up to $165.6m to pay for its two new 7,700-teu container ships over 12 years. The coupon is set at 150 bps.
