Navios Maritime Partners issues new $300m bond in Oslo

Navios Maritime Partners placed a new bond in the Oslo market just days after the Saverys family’s CMB.Tech dropped a similar move.

Angeliki Frangou’s US-listed company issued a $300m senior unsecured bond.

The new bonds are due to mature in November 2030 and will pay a fixed coupon of 7.75% per year.

Net proceeds will be used to repay certain of the company’s outstanding secured debt facilities and for general corporate purposes.

An application will be made for the bonds to be listed on the Oslo Stock Exchange.

Arctic Securities led the transaction as global coordinator and bookrunner.

Fearnley Securities and SEB acted as joint bookrunners.

“We are grateful for the vote of confidence and look forward to great cooperation in years to come,” Arctic said in a post on LinkedIn.

Arctic has been involved in a series of successful shipping bonds this year, including Frangou’s $400m issue in late June for her Navios South American Logistics unit.

Last week, CMB.Tech decided not to proceed with its planned bond issue after meeting potential investors.

The Belgian shipowner expected to achieve a coupon similar to Navios’.

But price indications revealed that investors wanted to receive a coupon of 8% to 9%, due to weak covenants on dividend payments and CMB.Tech’s high leverage.