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Navios completes sale and leaseback deal

Navios Maritime Acquisition announced a sale and leaseback of three MR2 and two LR1 product tankers that will bring in $103.2m, allowing the company to refinance $82.4m of bank debt. The company will make 28 quarterly payments of $2.3m plus interest at Libor plus 350 basis points, with an obligation to purchase after seven years at $39.7m

Company will have no credit facility maturities for seven years after using the funds to refinance bank debts

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