Navios Maritime debt financing deal for FSL Trust called off

A DEAL calling on Navios Maritime Holdings Inc to inject a mix of equity and debt financing for FSL Trust and its affiliates is no longer on the table.

FSL Trust said on Sunday that the term sheet has been automatically terminated as no definitive agreements were signed by the agreed date of Sept 30, 2017.

Navios had agreed under the now terminated term sheet to extend a US$20 million second priority mortgage convertible loan to the trust.

The interest-bearing convertible loan was to be termed out for one year. It was also envisaged that the loan will be convertible into units in FSL Trust.

The listed shipping trust said that its trustee-manager "will continue to be proactive in achieving refinancing to ensure the long-term stability of the Trust amid the volatility and reduction in vessel values".

FSL last traded at 8.9 Singapore cents, down 0.1 cent.