http://www.marine-money.com The Ship Finance Publication Of Record Mon, 16 Jan 2012 04:04:51 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://www.marine-money.com/archive/a-book-review http://www.marine-money.com/archive/a-book-review#comments Thu, 22 Apr 2010 18:30:50 +0000 carisk http://marine-money.com/?p=8843 http://www.marine-money.com/archive/a-book-review/feed 0 http://www.marine-money.com/archive/it%e2%80%99s-not-all-about-equity http://www.marine-money.com/archive/it%e2%80%99s-not-all-about-equity#comments Thu, 11 Mar 2010 19:05:18 +0000 carisk http://marine-money.com/?p=8723 http://www.marine-money.com/archive/it%e2%80%99s-not-all-about-equity/feed 0 http://www.marine-money.com/archive/not-to-be-outdone http://www.marine-money.com/archive/not-to-be-outdone#comments Thu, 19 Nov 2009 15:56:15 +0000 carisk http://marine-money.com/?p=7664 http://www.marine-money.com/archive/not-to-be-outdone/feed 0 http://www.marine-money.com/archive/can%e2%80%99t-see-the-forest-for-the-trees http://www.marine-money.com/archive/can%e2%80%99t-see-the-forest-for-the-trees#comments Thu, 12 Nov 2009 20:30:32 +0000 carisk http://marine-money.com/?p=6530 General Maritime had successfully priced its 144a private placement of $300 million of senior unsecured notes due in 2017. Like the NCL deal that was competing with it, the Genmar bonds were priced in a soft and volatile stock market. Rated B3/B, the notes, with a 12% coupon, were priced at 97.512% to yield 12.5%, a spread of 922 bps over like term Treasuries. Market noise suggested it was a hard sell, that buyers had issues with the dividend and covenants and, finally that it was expensive. But was it really? ]]> http://www.marine-money.com/archive/can%e2%80%99t-see-the-forest-for-the-trees/feed 0 http://www.marine-money.com/archive/all-eyes-are-on-genmar http://www.marine-money.com/archive/all-eyes-are-on-genmar#comments Thu, 05 Nov 2009 16:43:23 +0000 carisk http://marine-money.com/?p=6418 General Maritime’s dynamic duo, Messrs Georgiopoulos and Pribor are on the road marketing their $300 million senior unsecured notes offering due in 2017 and so, while they are busy selling we thought we would take a read of the high yield market. Earlier this week, Navios Maritime Holdings closed its successful $400 million private offering of first priority ship mortgage notes due in 2017. Rated BB-/Ba3, the coupon on the notes was 8.875% and was priced to yield 9.125%. The company escrowed $105 million of the proceeds to provide additional financing to complete the purchase of]]> http://www.marine-money.com/archive/all-eyes-are-on-genmar/feed 0 http://www.marine-money.com/archive/whither-the-banks http://www.marine-money.com/archive/whither-the-banks#comments Thu, 22 Oct 2009 16:23:56 +0000 carisk http://marine-money.com/?p=6399 http://www.marine-money.com/archive/whither-the-banks/feed 0 http://www.marine-money.com/archive/on-the-road-again http://www.marine-money.com/archive/on-the-road-again#comments Thu, 15 Oct 2009 16:11:08 +0000 carisk http://marine-money.com/?p=6392 Navios Maritime Holdings (“Navios”) announced that it and, its wholly-owned finance subsidiary, Navios Maritime Finance (US) Inc. intend to offer, through a 144A private placement, $375 million of first priority ship mortgage notes due in 2017, subject to market conditions. This marks Navios’ second entry into the high yield market having issued previously 9 1/2% Senior Notes due in 2014 in December 2006. The new notes will in fact be guaranteed by all of the subsidiaries that guarantee the existing notes, so, in fact, the new notes will be secured by first mortgages on 15 drybulk vessels]]> http://www.marine-money.com/archive/on-the-road-again/feed 0 http://www.marine-money.com/archive/deal-or-no-deal http://www.marine-money.com/archive/deal-or-no-deal#comments Thu, 18 Jun 2009 15:07:18 +0000 carisk http://marine-money.com/?p=6038 http://www.marine-money.com/archive/deal-or-no-deal/feed 0 http://www.marine-money.com/archive/de-leveraging http://www.marine-money.com/archive/de-leveraging#comments Thu, 07 May 2009 14:33:54 +0000 carisk http://marine-money.com/?p=5524 Navios Maritime Partners (“Navios Partners”) announced that it had amended the terms of its existing $235 million credit facility with Commerzbank in January. The company prepaid $40 million during the first quarter resulting in an approximate $1.5 million in interest expense savings for 2009 and a commensurate reduction in leverage. Throughout 2009, the partnership will additionally have to fund into a pledged account a further $37.5 million. The interest rate on the remaining facility of $195 million now bears a spread of 2.25%, giving an estimated interest rate of 3.98% for 2009 including]]> http://www.marine-money.com/archive/de-leveraging/feed 0 http://www.marine-money.com/archive/jpmorgan-enters-shipping-fund-arena-as-the-500-pound-gorilla http://www.marine-money.com/archive/jpmorgan-enters-shipping-fund-arena-as-the-500-pound-gorilla#comments Thu, 30 Apr 2009 14:22:25 +0000 carisk http://marine-money.com/?p=5509 Andy Dacy led JPMorgan shipping fund provides a fine opportunity to survey the field.  But it must be said at the outset that JPM’s entrance is important for its size, ambition, confirmation of the concept and for the industry whose mantra is Marine Money Week’s title: Liquidity, Liquidity, Liquidity. It is also probably a challenging development for those funds not yet up and running, as JPMorgan is a powerful brand, US banking woes not withstanding. It was interesting that Reuters in writing about the effort described JP Morgan Asset Management executive]]> http://www.marine-money.com/archive/jpmorgan-enters-shipping-fund-arena-as-the-500-pound-gorilla/feed 0