- Revenue: $50.3 million in Q3; $140.9 million for the nine months
- Adjusted EBITDA: $32.8 million in Q3; $89.9 million for the nine months
- $30.2 million reduction of commercial bank loans in November
- Strengthening the Term Loan B collateral package
- $50.5 million additional collateral in November
- $99.0 million additional collateral YTD 2016
a. $30.2 million reduction of commercial bank loansIn November 2016, the Company reduced one of its commercial bank facilities by $30.2 million through prepayment of $28.0 million in cash and achieving a $2.2 million benefit to nominal value. Following the prepayment, six vessels were removed from the collateral package. The outstanding balance of the facility is currently $41.8 million and is repayable in the fourth of quarter of 2017 with a final balloon payment of $31.9 million.
b. $50.5 million additional collateral to the Term Loan BIn November 2016, Navios Partners provided $50.5 million additional collateral to the Term B Loan consisting of:
a. $37.0 million value of six drybulk vessels transferred from commercial bank facilities; andb. $13.5 million cash collateral. The cash collateral will be replaced with a Capesize vessel that is expected to be delivered within December 2016.Following the above additions, within 2016, Navios Partners has increased the collateral package of the Term Loan B by $99.0 million and $152.5 million from Q1 2015. In addition, Navios Partners has prepaid $25.0 million during the first half of 2016.