Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM) and Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE:NNA) announced today that the loan agreement,
dated March 9, 2016, pursuant to which Navios Acquisition provided a secured revolving loan facility of up to $50.0 million to Navios Holdings (the “Revolver”) has been terminated today. No borrowings had been made under the Revolver.
The Boards of Navios Holdings and Navios Acquisition believe that the process for, and terms of, the Revolver were fair, and that litigation challenging it is without merit. However, the Board of Directors of Navios Holdings determined that Navios Holdings does not currently need access to the Revolver, and the Board of each company determined it was in such company’s best interests to avoid expensive and unnecessary litigation.