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Moody's Investors Service today downgraded the rating of the term loan B due 2020 issued by Navios Maritime Midstream L.P. (NAP) to B3 from B2 and withdrew NAP's B2 corporate family and B2-PD probability of default ratings. This rating action concludes the review of NAP's ratings.
Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NNA) and Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NAP) announced the preliminary results of the elections made by public unit holders of Navios Midstream regarding the consideration to be received in connection with the acquisition of Navios Midstream by Navios Acquisition (the “Acquisition”). As announced on October 7, 2018, Navios Midstream and Navios Acquisition entered into a definitive agreement under which Navios Acquisition would acquire all of the publicly held units of Navios Midstream for shares of Navios Acquisition common stock.
As previously announced, on October 7, 2018, Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NNA) and Navios Maritime Midstream Partners L.P. (“Navios Midstream”) (NAP) entered into a definitive merger agreement under which Navios Acquisition will acquire all of the publicly held units of Navios Midstream in exchange for shares of Navios Acquisition (the “Transaction”). The Transaction is expected to close on or about December 13, 2018.
Revenue $390.4 million for 9M 2018$141.5 million for Q3 2018 Cash from operating activities $39.6 million for 9M 2018$10.1 million for Q3 2018 Adjusted EBITDA $134.1.
Revenue: $22.6 million in Q3; $63.2 million for the nine monthsNet cash from operating activities: $30.1 million for the nine monthsEBITDA: $15.6 million in Q3; Adjusted.
As of this writing, front-month (December 2018) WTI crude futures are trading down $1.80 to $63.50 per barrel and Brent futures are trading down more than two dollars a barrel at $72.82. An old friend has returned, albeit tentatively, to the oil markets. Yes, we are back in contango, if only slightly.