Navios Maritime Midstream Partners To Buy Two VLCCs For $100 Mln

(RTTNews) - Navios Maritime Midstream Partners L.P. (NAP), an owner and operator of tankers vessels, Wednesday said it agreed to acquire two VLCCs from Navios Maritime Acquisition Corp. (NNA) for $100.0 million.

Navios Midstream retains purchase options for five additional VLCCs from Navios Acquisition

Navios Midstream anticipates increasing the third quarter 2015 distributions by 2.4% to $0.4225 per unit or $1.69 per unit on an annualized basis.

The transaction will be funded with $73.0 million in proceeds from the recently announced $205.0 million Term Loan B issuance and $27.0 million of a new class of subordinated units in Navios Midstream issued to Navios Acquisition.