RTTNews | Dec 14, 2021 11:15AM EST

11:14 Tuesday, December 14, 2021 (RTTNews.com) - Cayman Island-based shipping company, Navios Maritime Holdings Inc. (NM) is trading 17% lower after the company announced that it is going to provide $550 million debt financing to Navios Holdings.

The financing will be used to repay at maturity of all the outstanding 7.375% shares. The notes are due January 15, 2022. The company will also redeem $50 million of 11.25% Senior Secured Notes that are due August 15, 2022.

The stock is currently trading at $3.96, down $0.83 or 17.32% since the previous close at $4.79. The stock opened at $4.74 in the morning. In the 52-week period, the shares have ranged between $2.11 and $15.42 per share.

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