Navios Maritime Acquisition Corporation Announces Repayment of its Term Loan B
Navios Maritime Acquisition Corporation Common stock (NNA)
Last navios maritime acquisition corporation common stock earnings: 11/7 08:00 am
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Source: GlobeNewswire
MONACO, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an owner and operator of tanker vessels, announced today the repayment of its Term Loan B on October 18, 2019. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “We are pleased with the repayment of the Term Loan B as we devoted a great deal of effort to achieving this result. Through a combination of sale-and-leaseback transactions, commercial bank debt and cash, we extended the maturities of our debt through 2027, reduced our cost of capital and strengthened our balance sheet.” The outstanding balance of the Term Loan B at June 30, 2019 was $196.8 million and was repayable in June 2020. Navios Acquisition funded the repayment as follows: 1)$153.0 million financing through sale and leaseback transactions. The sale and leaseback transactions have average (a) amortization profile of approximately 17 years on an age-adjusted basis,
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