Spanish media reports that Naviera Armas has just received financial oxygen from two private equity funds, Apollo and HPS. They injected some USD 75 million in order to keep the ferry company alive in the rough seas of the coronavirus emergency.
Since the news went public both the EUR 280 and 300 million bonds issued respectively in 2016 and 2017 and due to expire in 2023 and 2024 decreased their values and are now negotiated in the range between 40 and 50% of the original value.
This new debt received from the funds comes after EUR 50 million provided by some Spanish banks earlier this year.
Last week Grandi Navi Veloci officially announced to have sub-chartered from Naviera Armas-controlled Trasmediterranea both ropaxes TENACIA and FORZA owned by Grimaldi Holding and deployed up to now on the Spain – Balearic Islands routes.
