SOURCE: Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation

June 17, 2015 09:10 ET

Navios Maritime Acquisition Corporation Announces Agreement to Sell Two VLCCs to Navios Maritime Midstream Partners L.P. for $100.0 Million

MONACO--(Marketwired - Jun 17, 2015) - Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE: NNA), an owner and operator of tankers vessels, announced today that it has agreed to sell the C. Dream, a 2000-built VLCC of 298,570 dwt, and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, to Navios Maritime Midstream Partners L.P. ("Navios Midstream") (NYSE: NAP) for a total consideration of $100.0 million, payable in the form of $73.0 million in cash and $27.0 million in a new class of subordinated units. Τhe new class of subordinated units, with respect to liquidation, will be senior to the existing subordinated units and junior to the common units. The new class of subordinated units will be subordinated for three years from the date of issuance and automatically convert to common units at such time.

Navios Acquisition intends to use the proceeds from the sale of these vessels for repayment of indebtedness, reinvestment in vessels and general working capital purposes.

Impact on Navios Acquisitions 8 1/8% Secured Bond Due 2021
As a result of this transaction, the C. Dream and the Nave Celeste will be substituted by the Nave Ariadne LR1 product tanker, the Nave Pulsar MR2 product tanker and the Bougainville MR2 product tanker as collateral under the 8 1/8% Secured Bond due 2021.

Closing
Closing of the transaction is subject to successful consummation of the Term Loan B by Navios Midstream scheduled to close on June 18, 2015, although Navios Acquisition can provide no assurance that such closing will take place.

About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com.

Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Acquisition's growth strategy and measures to implement such strategy; including expected vessel acquisitions and divestitures and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although Navios Acquisition believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Acquisition. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for crude oil, product and chemical tanker vessels, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Acquisition's filings with the Securities and Exchange Commission. Navios Acquisition expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Acquisition's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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