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G ADSs, representing approximately 63.5% of the outstanding Series G ADSs, were properly tendered and not properly withdrawn prior to the expiration of the Series G ADS Exchange Offer.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The number of Series G ADSs tendered and not withdrawn are preliminary and are subject to verification by the Bank of New York Mellon as Depositary and the proper delivery of all Series G ADSs tendered (including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 The final number of Series G ADSs properly tendered and not properly withdrawn will be announced promptly following the guaranteed delivery period and completion of the verification process.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.