MONACO, May 11, 2017 (GLOBE NEWSWIRE) -- Navios Maritime Containers Inc. (“Navios Containers”), a newly formed Marshall Islands company, announced today that it has agreed with investors to sell approximately 15 million of its shares for an aggregate of approximately $75 million of gross proceeds at a subscription price of $5.00 per share. Navios Containers intends to use the proceeds to acquire the 14-vessel container fleet (the “Fleet”) that Navios Maritime Partners L.P. (“Navios Partners”) previously agreed to purchase from Rickmers Maritime (the “Trust”) as well as for further vessel acquisitions, working capital and general corporate purposes. The offering is expected to close in full on or about June 1, 2017.
Navios Partners will invest $30 million and receive 40% of the equity, and Navios Maritime Holdings Inc. (“Navios Holdings”) will invest $5 million and receive 6.67% of the equity of Navios Containers. Each of Navios Partners and Navios Holdings will also receive warrants, with a five-year term, for 6.8% and 1.7% of the equity, respectively.
The Fleet vessels are expected to be delivered starting the week of May 15, 2017. The acquisition is subject to a number of conditions, and no assurance can be provided that the acquisition will close at all or in part.
Navios Containers also announced today that it intends to file an application to register on the Norwegian Over-The-Counter market (N-OTC). Navios Containers expects to be registered on or about June 1, 2017.
Fearnley Securities acted as the sole lead manager. S. Goldman Advisors LLC acted as structuring advisor and US placement agent.
About Navios Maritime Containers Inc.
Navios Maritime Containers Inc. is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com.
Forward-Looking Statements
This press release contains forward-looking statements concerning future events including the closing of the offering, the registration of Navios Containers on the Norwegian Over-The-Counter market, the closing of the acquisition of the Fleet, the transfer of the Fleet and the benefits of the acquisition of the Fleet; including expected vessel acquisitions and entering into further time charters. Words such as “may”, “expects”, “intends”, “plans”, “believes”, “anticipates”, “hopes”, “estimates”, and variations of such words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Navios Containers at the time these statements were made. Although Navios Containers believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Containers. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks relating to the completion of the Fleet acquisition on the anticipated timing or at all, the quality of the Fleet and the market for the Fleet vessels, and changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, as well as general domestic and international political conditions. Navios Containers expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Containers’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Navios Containers makes no prediction or statement about the performance of its common units.