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First Citizens Bank Provides Navios Maritime Partners $44.2M of Debt Financing

First Citizens Bank Provides Navios Maritime Partners $44.2M of Debt Financing

Raleigh, NC-based First Citizens Bank arranged $44.2mn in debt financing for Navios Maritime Partners L.P. through its Maritime Finance business, a part of the CIT division.

Proceeds from the financing, which is secured by product tankers, will be used by Navios Partners to refinance existing debt.

“We previously worked closely with Maritime Finance, and we have come to value their expertise in arranging financing,” said Eri Tsironi, Chief Financial Officer of Navios Partners.

“Navios Partners is admired for their operational and investment expertise in a diverse group of maritime vessels,” added Evan Cohen, Managing Director and Group Head of Maritime Finance.

Maritime Finance, part of First Citizens’ CIT division, offers customized solutions for secured loans to a global client base of vessel owners and operators.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.