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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Stellantis misses forecasts with 12% revenue drop in Q1, sees stronger H2
L'Occitane's billionaire owner Geiger to take firm private in US$1.8 billion deal
Australian budget airline Bonza collapses, passengers stranded
HSBC CEO to retire; bank reports 1.7% lower Q1 profit of US$10.8 billion
AIA launches wealth centre targeting high-net-worth clients
Samba, Gazelle shoes help drive Adidas sales while North America lags