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, JPMorgan Chase's J.P. Morgan, and the Securities arms of Wells Fargo and Deutsche Bank 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.
