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All Eyes Are On Genmar
We know that General Maritime’s dynamic duo, Messrs Georgiopoulos and Pribor are on the road marketing their $300 million senior unsecured notes offering due in 2017 and so, while they are busy selling we thought we would take a read of the high yield market.
Earlier this week, Navios Maritime Holdings closed its successful $400 million private offering of first priority ship mortgage notes due in 2017. Rated BB-/Ba3, the coupon on the notes was 8.875% and was priced to yield 9.125%. The company escrowed $105 million of the proceeds to provide additional financing to complete the purchase of two new vessels with the balance used to repay existing credit facilities.
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Written by: marinemoney | Categories: Freshly Minted, The Week in Review | November 5th, 2009 | Add a Comment
John Wobensmith Goes to Genco, Continues Trend of Bankers to Owners
John Wobensmith, a former banker with First Bank of Maryland, has left American Marine Advisors to join Genco, the dry bulk company owned by OakTree and Peter G, as the company’s CFO. Wobensmith’s departure marks yet another shipping banker moving to the owning side – Evensen, Artnzen, Fagerstall, Pribor…and the list is growing. If there has been any one thing we’ve learned from this, it’s that former bankers make very tough negotiators when they move to the other side of the table.
Written by: marinemoney | Categories: Freshly Minted, The Week in Review | March 31st, 2005 | Add a Comment
The Official Guide To Marine Finance Providers
