Navios Maritime Holdings Inc. (NYSE:NM) Raises $47.7 M From ADR


Dallas, Texas 02/10/2014 (FINANCIALSTRENDS) The $1 billion market capped shipping and logistics firm Navios Maritime Holdings Inc. (NYSE:NM) based in Greece, announced on 28th January, the closing of its previously proclaimed public offer of 2 million American Depositary Shares. Each of these ADR shares represents a 0.01 part of share of the firm’s “series G Cumulative Redeemable Perpetual Preferred Stock” and comes with a preferential pricing of $2,500 per share at the time of liquidation. This translates to a $25 price per one American Depositary Share.

This public offering is being run by a underwriter who have been granted a 30 day option to purchase additional 300000 ADR in the event of over subscription. The dividends for this ‘Series G Cumulative Redeemable Perpetual Preferred Stock” differentiated preferred stock will be paid out at a rate of 8.75 per year. From the issue of these ADR, Navios Maritime Holdings Inc. (NYSE:NM) raised  close to $47.7 million as proceeds which it plans to use for its general corporate expense purposes and hopes to acquire more sea going vessels in order to expand its operations.

Navios Maritime Holdings Inc. (NYSE:NM)  had retained the services of consortium of banks led by Credit Suisse Securities (USA) LLC ,J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, to officiate as the joint book running managers and had appointed and S. Goldman Capital LLC and Deutsche Bank Securities Inc. as co-managers.

Since the announcement of the fund rising project completion, the stock has gained close to 4.5 percent at the markets. The shipping firm had managed to generate net income of $114 million for the past 12 months, from total sales of $510 million for the same period. It has paid out dividend of $0.24 per share for the past year, translating to a dividend yield of 2.42 percent.