Navios Maritime Holdings: Tenders For Preferred Stock [Seeking Alpha]
Navios Maritime Holdings Inc. (NM)
Last navios maritime holdings inc. earnings: 5/28 07:30 am
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US:NYSE Investor Relations:
navios.com/events/default.asp
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Source: Seeking Alpha
Navios Maritime Holdings: Tenders For Preferred StockSummaryNM announced a Tender Offer for a maximum of 66 2/3% of its outstanding Series G and/or H Preferred Stock on December 21st.The value of the Tender Offer was below the market price of the Preferred prior to the announcement but probably above the fair value of the Preferred.NM will use approximately $10 million of precious cash to execute the Tender Offer, assuming 50% participation of the outstanding Series G and H.The Tender Offer is combined with a Consent Solicitation that, if successful, will eliminate accrued dividends and strip away covenants that will leave the remaining Preferred worthless.
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