Navigazione Montanari’s $300 million debt refinanced
The shipping firm closed a sale&lease back deal for 11 tankers with the Norwegian investor Sole Shipping
Fano-headquartered Navigazione Montanari announced that they have successfully completed a complex refinancing transaction of the existing $300m debt exposure with its long-term financing banks (BNP Paribas, ING e Danish Ship Finance). The transaction consists of a sale & lease back with Sole Shipping of part (11 units) of the existing fleet (21 vessels), that will allow “a significant debt reimbursement, along with the renegotiation of the residual debt exposure. The new financing agreement will include an extension of the maturities by 5 years together with a smooth debt service and a covenant package coherent with the expected market trends”. The transaction also features the possibility to renew the fleet, as Navigazione Montanari is planning to further invest in technologically advanced vessels with a progressive substitution of the older ones.
The Italian shipping company controlled by the Montanari family also added: “The top-management team will continue to be actively involved in the technical and commercial management of the 21-vessel fleet with the aim of furtherly developing its operations. The long-term strategic objective is to increase the size of the fleet and to become a third-party vessel management company, leveraging upon NavMont’s strong expertise and commercial network”.