Navios Logistics Prices

After last night’s close, Navios South American Logistics priced its 144A offering of $200 million of 9.25% Senior Unsecured Notes due in 2019. Due to demand, the offering was upsized from $185 million. Priced in line with market talk, the notes, rated B3 by Moodys and B+ by S&P, were sold at par to yield 9.25%, a spread of 613 bps over like-term Treasuries. With the company serving storage and marine transportation markets in South America, the deal was shopped as a cross-market effort to both high yield and emerging market accounts. The notes, priced at par, gained on the break trading at either side of 101%. Today they traded at 101.5% with a YTW of 8.92%.

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