Bright Spots

On the positive side, we can report on two deals that were announced this week.

Navios Clears Up Uncertainty
Navios Maritime Holdings shored up its balance sheet and cleared up any concerns about its ability to finance its remaining acquisitions. Despite difficult credit conditions, the company obtained $353.5 million in debt financing with favorable terms.

The financing includes:
•    10-year term financing for $120.0 million, secured at 60% of original vessel values and interest at LIBOR plus 190 bps to partially finance the acquisition of two Capesize newbuildings;
•    3-year term convertible debt for $33.5 million with a coupon of 2% and a conversion price of $11.00 per share (Wednesday’s mid-day price $2.37) to partially finance the acquisition of the Navios Vega (delivered this month); and
•    2-year

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