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Navios Holdings announces preliminary results of its launched exchange offer

Navios Maritime Holdings Inc. (“Navios Holdings” or the “Company”) on April 15 announced the preliminary results of its previously launched exchange offer (the “Series G ADS Exchange Offer”) to exchange cash and/or newly issued 9.75% Senior Notes due 2024 (the “Notes”) for approximately 66 2/3% of the outstanding American Depositary Shares, representing 1/100th of a share of 8.75% Series G Cumulative Redeemable Perpetual Preferred Stock (the “Series G ADSs”).

The Series G ADS Exchange Offer expired at 11:59 PM, New York City time, on Friday, April 12, 2019. Based on information provided by the exchange agent, the Bank of New York Mellon, a total of 900,950 Series G ADSs, representing approximately 63.5% of the outstanding Series G ADSs, were properly tendered and not properly withdrawn prior to the expiration of the Series G ADS Exchange Offer. Of the total 900,950 Series G ADSs tendered, 31,720 Series G ADSs were tendered through notice of guaranteed delivery.

According to a statement, the Company expects to accept all of the 900,950 Series G ADSs properly tendered. In addition, the Company expects to pay a total of approximately $4.5 million in cash consideration and a total of approximately $3.9 million in aggregate principal amount of Notes, subject to adjustment for fractional shares.

The number of Series G ADSs tendered and not withdrawn are preliminary and are subject to verification by the Bank of New York Mellon as Depositary and the proper delivery of all Series G ADSs tendered (including those tendered pursuant to guaranteed delivery procedures). The final number of Series G ADSs properly tendered and not properly withdrawn will be announced promptly following the guaranteed delivery period and completion of the verification process. Delivery of the cash consideration and/or Notes consideration in exchange for the tendered Series G ADSs will be made promptly.

Source: Navios Maritime Holdings

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