Navios Maritime Acquisition Corporation (Navios Acquisition) (NYSE:NNA), an owner and operator of tanker vessels, announced today that it has completed a $103.2 million sale and leaseback transaction (Transaction) for three MR2 product tankers and two LR1 product tankers. The proceeds have been used to refinance $82.4 million of bank debt.

Navios Maritime Acquisition Corporation Announces $103.2 million Sale and Leaseback Transaction
Caption: Crude oil tanker Nave Cassiopeia - Image courtesy of Salvador Garcia Garcia (For illustrative purposes only)

The Transaction provides for 28 quarterly payments of $2.3 million each plus interest at LIBOR plus 350 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of seventh year for $39.7 million.

Navios Acquisition has no further maturities on its credit facilities for the next 14 months.

Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals.

Source: Navios