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Navios Maritime Acquisition Corporation Announces Closing of Business Combination
PIRAEUS, Greece, June 1, 2010 - Navios Maritime Acquisition Corporation (“Navios
Acquisition” or “the Company”) (NYSE:NNA) announced today that the Company, previously
a special purpose acquisition company sponsored by Navios Maritime Holdings Inc. (“Navios
Holdings”), has completed its business combination involving the acquisition of 13 vessels
(11 product tankers and two chemical tankers) plus options to purchase two additional
product tankers, for an aggregate purchase price of $457.7 million, of which $123.4 million
is to be paid from existing cash and the $334.3 million balance with debt financing.
In connection with the completion of the acquisition, Navios Acquisition has now reimbursed
Navios Holdings for the initial equity payment of $38.8 million plus all associated payments
previously made by Navios Holdings.
Angeliki Frangou, Chairman and CEO commented, "I thank the consortium of commercial
banks, composed of Deutsche Schiffsbank A.G, Credit Agricole Corporate and Investment
Bank, Alpha Bank A.E., DVB Bank SE, BNP Paribas Fortis, Fortis Bank (Nederland) N.V. and
Marfin Popular Bank, which committed attractive financing to Navios Acquisition in a difficult
market. I also thank our management as well as our legal and financial advisors for their
excellent work. As a result of this overall team effort, we were able to bring this acquisition
to a successful conclusion."
Ms. Frangou continued, “As previously stated, we believe that the vessels purchased by
Navios Acquisition are near historically low prices (as adjusted for inflation), in a sector
positioned for growth. With two vessels operational and with two more vessels to be
delivered by the end of 2010, we are positioned to capitalize on opportunities for fleet
About Navios Maritime Acquisition Corporation
Navios Maritime Acquisition Corporation (NYSE: NNA) is a global shipping company
specializing in the product and chemical tanker sectors.
For more information about Navios Acquisition, please visit our website:http://www.naviosacquisition.
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 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 the 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 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 the 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 forwardlooking
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.
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation