Navios Maritime Partners LP, an international owner and operator of dry cargo and container vessels, has agreed with investors to sell 10 million of its common shares for an aggregate of $50 million of gross proceeds at a subscription price of $5.0 per common share. Navios said it will use the proceeds for vessel acquisitions, working capital and general corporate purposes. The offering is expected to close Aug. 29.
Navios Maritime Partners L.P. will invest $10 million in the private placement, and will own 40% of the equity post-closing of the private placement. Each of Navios Partners and Navios Maritime Holdings Inc. will also receive warrants, with a five-year term, for 6.8% and 1.7% of the newly issued equity respectively.