Navios Maritime Holdings Inc.: Preferred Tender Offer Price Increase Analysis [Seeking Alpha]
Navios Maritime Holdings Inc. (NM)
Last navios maritime holdings inc. earnings: 5/28 07:30 am
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Source: Seeking Alpha
Navios Maritime Holdings Inc.: Preferred Tender Offer Price Increase AnalysisSummaryNM raised the cash Tender Offer price by approximately 50% for the Series G and H Preferred on February 4th. The TO and Solicitation period was extended to February 15th.Response to the initial TO was tepid with only 29.61% and 23.26% of the Series G and H, respectively, being tendered, well short of the Minimum Required.The increased cash TO price would result in an outlay of approximately $15.4 million if the Minimum Required was tendered for both the Series G and H.NM's ShipNotes Due 2022 traded to a low of 54.27% on February 8. The price collapse began after the release of Q3 2019 earnings. The current price level reflects elevated concerns of default.If NM files for bankruptcy during the next two years, amounts paid in the TO could be clawed back under the bankruptcy theory of Fraudulent Conveyance.
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