Navios Maritime Announces Launch Of IPO - Quick Facts

(RTTNews) - Navios Maritime Midstream Partners L.P. ("Navios Midstream"), a recently formed wholly-owned subsidiary of Navios Maritime Acquisition Corp (NNA), an owner and operator of tanker vessels, announced Tuesday that it has commenced an initial public offering of 8.1 million common units representing limited partner interests in Navios Midstream pursuant to a registration statement filed with the U.S. Securities and Exchange Commission.

The initial public offering price is currently expected to be between $19.00 and $21.00 per common unit. The common units have been cleared for listing on the New York Stock Exchange under the symbol "NAP."

Navios Midstream expects to grant the underwriters a 30-day option to purchase up to an additional about 1.22 million common units.

The proceeds from the offering will be used primarily to fund a portion of the purchase price of the capital stock in the subsidiaries of Navios Acquisition that own vessels that will comprise Navios Midstream's initial fleet of very large crude carriers, or VLCCs.

Merrill Lynch, Pierce, Fenner & Smith Inc, Citigroup Global Markets Inc and J.P. Morgan Securities LLC will act as joint book-running managers and representatives of the underwriters for the offering.