The acquisition is being financed through a $20 million equity investment by Navios Partners and a secured loan facility under discussion. The vessels are expected to be delivered starting May 15, 2017.
The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close in all or part.
Navios Partners will acquire these vessels though a wholly owned subsidiary, Navios Partners Containers Inc., which will be an “unrestricted subsidiary” as defined in the Credit Agreement, dated March 14, 2017, for our Term Loan B facility.
In addition, a third party has an option to acquire up to 25% of the equity in Navios Partners Containers Inc., based on allocated cost.
The Fleet consists of 14 container vessels, 11 of which are 4,250 TEU vessels and three of which are 3,450 TEU vessels.
The average age of the fleet is 9.5 years. Five of the 4,250 TEU vessels are employed on charters that have staggered expirations in 2018 and early 2019 at a net daily charter rate of $26,850. ■
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