Navios Maritime Holdings Sells a Preferred Issue

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July 1, 2014  5 pm

Navios Maritime Holdings (ticker:NM)  has priced a new preferred issue.  The issue priced at a coupon of 8.625% — the issue is cumulative and perpetual.

Navios is a fairly large  dry bulk ship owner.  Like most of the ship owning companies the financials for Navios are somewhat dicey (this is a low quality issue).  Additionally, like almost all of these ship owners it is likely that they will remain viable until the time that we go into the next deep recession and then it is likely that some of the dry bulk ship owners will not survive.


The issue will begin trading tomorrow on the OTC.

Details of the issue are here.

We have no interest in this issue as we already own a couple shippers.  Additionally we continue our focus on shortened maturities.  There may be a opportunity for a quick flip on this issue for 50 cents or a dollar if you can buy it wholesale on the OTC at a good price (under par).



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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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