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.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.