Navios Europe Inc. Closes Transaction With HSH Nordbank AG

Navios Europe Inc. Closes Transaction With HSH Nordbank AG 
PIRAEUS, GREECE -- (Marketwired) -- 12/18/13 -- 


 
--  Innovative Financing Structure
--  Ten vessels with FMV of approximately $218 million
--  Strategic Partnership with HSH for further acquisitions

  
Navios Europe Inc. ("Navios Europe") today announced the closing of the
transaction for the acquisition of ten vessels from debtors of HSH
Nordbank AG ("HSH").  
The ten vessels are five tankers and five container vessels with an
average age of 6.0 years and a current fair market value of
approximately $218 million. Five vessels have already been delivered
to Navios Europe's fleet with the remaining vessels expected to be
delivered by the end of 2013.  
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "This
innovative financing structure provides relief to distressed assets
from bankruptcy and places them into Navios's stable ownership,
thereby leveraging our economies of scale and superior technical and
commercial management. Navios and HSH are committed to their
excellent working relationship and look forward to doing similar
deals in near future."  
Fleet Purchase Price
 The purchase price consists of $127.8 million
in cash and the assumption of $173.4 million Subordinated HSH
Participating Loan ("HSH Sub Loan"). The cash payment is funded by
$120.4 million senior bank debt and $10 million investment from
Navios Maritime Holdings Inc. (NYSE: NM) ("Navios Holdings"), Navios
Maritime Acquisition Corporation (NYSE: NNA) ("Navios Acquisition")
and Navios Maritime Partners L.P. (NYSE: NMM) ("Navios Partners").
The senior bank debt is secured by a first priority mortgage on the
vessels and does not include any holding company guarantees from the
Navios public entities. 
Navios Holdings, Navios Acquisition and Navios Partners will provide
additional working capital ("Navios Working Capital Loans") to Navios
Europe on a priority basis. The Navios Working Capital Loans will
accrue interest at 12.7%.  
The material terms of the transaction were generally in accordance
with the letter of intent signed with HSH in April 2013. 
Strategic Partnership
 HSH has agreed to provide Navios Group the
opportunity to acquire more vessels at terms no less favorable than
this transaction. 
Fleet Exhibit 


 
----------------------------------------------------------
  Tankers                                                 
--------------------                                      
        Vessel          Vessel Type      Built       DWT  
----------------------------------------------------------
        Star N              MR1           2009     37,872 
       Hector N             MR1           2008     38,402 
       Perseus N            MR1           2009     36,264 
       Aurora N             LR1           2008     63,495 
        Lumen N             LR1           2008     63,599 
----------------------------------------------------------
                                                          
----------------------------------------------------------
  Containers                                              
--------------------                                      
        Vessel          Vessel Type      Built       TEU  
----------------------------------------------------------
    Fesco Almathea        Panamax         2007      3,091 
      Protostar N       Sub Panamax       2007      2,741 
      Esperanza N       Sub Panamax       2008      2,007 
       Harmony N        Sub Panamax       2006      2,824 
        Solar N           Panamax         2006      3,398 
----------------------------------------------------------

 
About Navios Europe
 Navios Europe is an owner and operator of
container and tanker vessels. Navios Europe is owned 47.5% by Navios
Maritime Holdings Inc. (NYSE: NM) ("Navios Holdings"), 47.5% by
Navios Maritime Acquisition Corporation (NYSE: NNA) ("Navios
Acquisition") and 5% by Navios Maritime Partners L.P. (NYSE: NMM)
("Navios Partners")  
Navios Europe Inc.
www.navios.com 
investors@navios.com 
 
 
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