Navios Maritime to Float New Units Issue

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Navios Maritime Partners (NYSE: NMM  ) is tapping the markets for more capital. The company announced that it plans to offer 5 million of its common units in an underwritten public flotation. Additionally, the firm expects to grant the issue's underwriters a 30-day purchase option for up to an additional 750,000 units.

Navios said it plans to use the proceeds of the offering to finance the expansion of its fleet, "and/or for general partnership purposes."

Citigroup (NYSE: C  ) , JPMorgan Chase's J.P. Morgan, and the Securities arms of Wells Fargo (NYSE: WFC  ) and Deutsche Bank (NYSE: DB  ) are the joint book-running managers of the issue.

At the moment, Navios has just over 66.6 million units outstanding, and its stock most recently closed at $14.93 per unit.

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Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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Related Tickers

5/24/2016 11:55 AM
NMM $1.33 Up +0.02 +1.60%
Navios Maritime Pa… CAPS Rating: ***