Navios Maritime Midstream Partners LP, a recently formed, wholly owned subsidiary of Navios Maritime Acquisition Corp., commenced an IPO of 8,100,000 common units representing limited partner interests in Navios Midstream pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. Navios Midstream expects to grant the underwriters a 30-day option to purchase up to an additional 1,215,000 common units. The IPO price is expected to be between $19 and $21 per common unit. The common units will be listed on the New York Stock Exchange under the ticker symbol “NAP.”
Proceeds from the offering will be used primarily to fund a portion of the purchase price of the capital stock in the subsidiaries of Navios Acquisition, which own vessels that will comprise Navios Midstream’s initial fleet of very large crude carriers.
Merrill Lynch, Pierce, Fenner & Smith Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC will act as joint book-running managers and representatives of the underwriters for the offering.
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