Navios Maritime Partners L.P. (NYSE: NMM) have completed its follow on public offering of 4,025,000 common units, which includes the full exercise of the underwriter's over allotment option. The units were exercised for $15.51 per unit which resulted in gross proceeds of $62.4 million.
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In connection with the offering, Navios Partners granted the underwriters a 30 day option to acquire an additional 525,000 common units to cover over allotments, which was exercised in full on February 3, 2010.
Navios Maritime Partners L.P. is an international owner of drybulk carriers newly formed by Navios Maritime Holdings Inc., an integrated seaborne shipping company. The Company is engaged in the seaborne transportation services of a wide range of drybulk commodities including iron ore, coal, grain and fertilizer, chartering its vessels under medium to long term charters.
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