| Code: 128841 |

Navios Maritime Holdings Inc. Enters into Exclusivity Agreement for Investment in First Ship Lease Trust

TINNews |

TIN news:  Navios Maritime Holdings Inc. announced today that it executed, for itself and/or for its affiliates (“Navios”), an exclusivity agreement and term sheet to purchase directly or indirectly, 100% of FSL Asset Management Pte. Ltd. (“FSL Asset”) and not less than a total of 50.1% of First Ship Lease Trust (“FSL Trust”) from an existing shareholder and FSL Trust. FSL Trust is listed on the Mainboard of the Singapore Exchange Securities Trading Limited.

FSL Trust is a Singapore-based business trust which owns a diversified fleet of 22 modern and high-quality oceangoing vessels (the “Fleet”). The Fleet includes 12 product tankers, three chemical tankers, two crude oil tankers and five container vessels. The FSL Trust Fleet is a natural fit for the 170+ vessel diversified fleet controlled by Navios, which includes dry bulk and container vessels as well as crude and product tankers.

The acquisition is subject to a number of conditions, including (1) the satisfactory restructuring of the existing mortgage debt and other loan facilities of FSL Trust, (2) waiver by the Securities Industry Council of any obligation for Navios to make a mandatory take-over offer for all the units in FSL Trust (the “Whitewash Waiver”) and (3) approval of FSL Trust’s independent unitholders of the Whitewash Waiver. No assurance can be provided that these conditions will be satisfied and that any acquisition will be concluded.

The Parties have agreed to negotiate exclusively with each other and will seek to execute definitive agreements by 30 September 2017.

 

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